OCC chief warns of ‘madman’s gold rush’ in crypto

[ad_1]

By Jon Hill (September 21, 2021, 9:34 p.m. EDT) – The acting head of the Office of the Comptroller of the Currency sounded the alarm on Tuesday over a ‘fool’s gold rush’ in space digital assets, comparing the recent cryptocurrency boom to the proliferation of exotic financial instruments before the 2008 financial crisis.

In a speech to the Blockchain Association, Acting Controller Michael Hsu said he sees cryptocurrency and decentralized finance, or DeFi, on a similar path to credit default swaps in the early 2000s, warning that aimless financial innovation “risks creating a mountain of fool’s gold.”

“I saw a madman’s gold rush up close in the …

Stay one step ahead

In the legal profession, information is the key to success. You need to know what’s going on with customers, competitors, practice areas, and industries. Law360 provides the intelligence you need to stay an expert and beat the competition.

Access to case data in articles (numbers, files, courts, nature of trial, etc.) Access to attached documents such as briefs, petitions, complaints, decisions, requests, etc. Create personalized alerts for specific articles and topics, etc. much more!

TRY LAW360 FREE FOR SEVEN DAYS

[ad_2]