U.S. regulators are showing a significant role in the cryptocurrencies market

US financial officials are planning to take part in the $ 1.5tn deal cryptocurrency market, growing concerns that a lack of qualified supervisors could be detrimental to investors and investors.

The new experiment shows a break with Trump’s administration, which sometimes encourages the use of capital in economic activities. But it could take some time to bear fruit as US officials try to determine who has the responsibility for overseeing the volatile market.

In an interview with the Financial Times, Michael Hsu, who was appointed this month as treasurer, said he expects U.S. officials to work together to establish “regulatory limits” for cryptocurrencies.

“It is only necessary to unite all these institutions,” said Hsu, who oversees the Treasury office that oversees international banks. “Just talking to some of my friends, there is an interest in establishing these many things.”

The cryptocurrencies have been on the rollercoaster this year. In February, the price of Bitcoin went up after that Tesla founder Elon Musk said the company invested $ 1.5bn in cryptocurrency, surpassing the record of more than $ 60,000 in April.

But the price went down Chinese authorities have expressed concern over the use of digital currency, with Musk reversing the idea of ​​allowing bitcoin currency for Tesla vehicles, citing environmental problems. Some cryptocurrencies have experienced similar instability.

One of the highlights of the new US approach came this month with the first “sprint” team meeting, involving three federal bank officials – Hsu’s Office of the Comptroller of the Currency, the Federal Reserve and the Federal Insurance Agency .

Hsu said the group’s aim was not to make a point but to “put their ideas before the organizations for consideration” as they try to find what is growing. kutchfuns.

“It’s small and big,” Hsu said of the working group. “The idea is that time is of the essence and if it is too big it grows.”

The Securities and Exchange Commission and the Commodity Futures Trading Commission also discussed how to protect investors in the crypto market.

Gary Gensler, chairman of the SEC, told the House committee last week that there were “gaps in our digital system”, highlighting the need for legislation to regulate regulators who should oversee crypto exchanges.

Gensler said his goal was to bring “similar security to the exchanges where you sell crypto goods as you would expect from the New York Stock Exchange or Nasdaq”.

Gensler said the Treasury department has been focusing on “anti-money laundering and caution and counterfeit goods” in the crypto market. Janet Yellen, Treasury secretary, has said she fears that bitcoin is being used “more often than not in an illegal economy”.

By establishing Hsu in the OCC, Yellen also demonstrated a change in the crypto system. Hsu is, in his own words, “a civil servant and a bank manager in my prime”. Leading the OCC led by Donald Trump also included Brian Brooks, a former law firm at Coinbase, a crypto exchange, who is now the head of Binance. US, crypto exchange.

As one of Hsu’s actions at the OCC, he called on workers to reconsider Trump’s time-tested idea of ​​providing reliable documents to companies that offer savings.

While Hsu believes there is no going back on innovation like blockchain technology used in financial services, he said in a home survey this month that modern banking interest reminds him of the years that led to the financial crisis.

The downside is that new and innovative solutions are bringing “a great way to keep the bank shaded”. Nowadays, fintechs and technical experts are developing payment tools that “bring great promise”, he said, “as well as risks.”

“For me, it’s hard not to feel like I’m going to say it,” Hsu told lawmakers.