OCC Hits the Brakes on Crypto and Fintech: What Next?

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When Michael Hsu became acting U.S. Comptroller of the Currency earlier this month, banking industry experts predicted a shift away from the aggressive innovation pushed by fintech-friendly Brian Brooks, who resigned as the Biden administration prepared to take the reins. But nobody knew how quickly that shift would occur. The answer? Fast—very fast. We explain below some of the legal implications for the fintech and DeFi markets.

What Happened

There are significant changes coming to the Office of the Comptroller of the Currency (OCC), and that creates new challenges for fintechs, cryptocurrency regulation and decentralized finance (or DeFi).

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