OCC’s Hsu discusses improving crypto literacy

Bank Regulatory Federal Issues OCC Digital Assets Cryptocurrency Fintech

On March 8, acting Comptroller of the Currency Michael J. Hsu spoke before the Financial Literacy and Education Commission’s (FLEC) Public Meeting to discuss and commend FLEC’s efforts to improve crypto literacy and crypto education. In his remarks, Hsu described that a “younger, more financially vulnerable” population makes up a large portion of crypto owners, and that the risk of scams and hacks are increasing. He also argued that “it is hard to find neutral, trusted sources of information on crypto,” calling it “nearly impossible to find neutral information about something as simple as fees.” Describing “an urgent need for improved crypto literacy and education,” Hsu urged the commission to make available neutral, trusted educational materials to educate the public on crypto. He added that “consumers are left with an information landscape dominated by a lot of hype, jargon, attractive yields, and only boilerplate disclaimers about the risks they could face.”