OCC Chief Michael Hsu says federal agencies will soon release 'crypto sprint' results

Acting Chief of the Office of the Comptroller of the Currency, Michael Hsu, warns that federal agencies are to soon release a joint statement describing the results of their "crypto sprint," he says at a fintech conference hosted by the Federal Reserve Bank of Philadelphia. The "crypto sprint" is a recently concluded review on how to better facilitate digital currencies. In addition, the OCC will provide clarity on the recently concluded review of crypto-related interpretive letters, Hsu says. "The forthcoming releases will clarify that safety and soundness is paramount," Hsu said. "We will proceed carefully and cautiously and will hold banks to the same." The OCC, Federal Reserve and Federal Deposit Insurance "are approaching crypto activities very carefully with a high degree of caution." This comes at a time when Bitcoin (BTC-USD) reversed from its recent all-time high of $69.3K on Nov. 9 to below $60K key level as of