The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams, Hacks & Breaches
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • Chainwire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams, Hacks & Breaches
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • Chainwire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
No Result
View All Result
The Daily Hodl
No Result
View All Result

Top US Regulator Likens Cryptocurrency to ‘Fool’s Gold,’ Warns of Looming Financial Crisis

by Daily Hodl Staff
September 23, 2021
in Bitcoin, Regulators

Acting Comptroller of the Currency Michael J. Hsu is equating cryptocurrencies to fool’s gold and warns that the unregulated nature of the digital asset environment is reminiscent of what caused the 2008 financial crisis.

The Office of the Comptroller of the Currency (OCC) head also believes that innovation must be balanced with purpose and lessons learned from the past.

Speaking at the Blockchain Association this week, Hsu says,

“I have seen one fool’s gold rush from up close in the lead-up to the 2008 financial crisis. It feels like we may be on the cusp of another with cryptocurrencies (crypto) and decentralized finance (DeFi).

The 2008 crisis holds lessons that can help industry and regulators chart a better path and avoid repeating the mistakes of the past.”

The OCC is an arm the United States Department of the Treasury. The organization’s stated mission is to ensure that “national banks and federal savings associations operate in a safe and sound manner… and comply with applicable laws and regulations.”

Hsu’s comments come amid a larger push by the government to regulate crypto. The U.S. Securities and Exchange Commission (SEC) is embroiled in a lawsuit against Ripple Labs, and SEC chair Gary Gensler says he believes crypto is innovative, but won’t last long without regulation.

Hsu concludes his remarks by advising,

“Financial innovation should be anchored in purpose. Be clear about the ‘why’ – not just clear about the problem that needs to be solved, but also why it is important to solve it. Just because something can be innovated, doesn’t mean it should.

‘We need to meet client demand for correlation,’ was a rationale I heard many times in the lead-up to the 2008 crisis. Meeting that demand created vulnerabilities in the financial system and amplified shocks.”

Follow us on X, Facebook and Telegram

Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Surf The Daily Hodl Mix

 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/KhDuy Vo

Submit a Press Release

Industry Announcements

  • Venom Foundation Achieves 150,000 TPS in Closed-Network Stress Test, Paving the Way for 2025 Mainnet Upgrade
    May 23, 2025
  • XDC Network’s XVC Tech Announces Investment in Laser Digital Carry Fund, Launches Institutional Fund Infrastructure With Libre
    May 22, 2025
  • Psy Develops First Trustless Bridge From Dogecoin to Solana
    May 22, 2025
  • Mantle and Republic Technologies Forge Strategic Partnership To Pioneer Institutional mETH Integration
    May 22, 2025
  • BTCC Exchange Appoints Dan Liu as CEO Ahead of 14th Anniversary Milestone
    May 21, 2025
  • Bitcoin Suisse Secures In-Principle Approval From ADGM’s Financial Services Regulatory Authority
    May 21, 2025
  • Beer 2.0 – The Memecoin That’s Brewing Something Bigger on Solana
    May 20, 2025
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$107,943.92
$107,943.92
3.03%
Ethereum
$2,543.75
$2,543.75
6.16%
BNB
$664.65
$664.65
3.66%
Solana
$175.26
$175.26
4.76%
XRP
$2.33
$2.33
5.49%

Spotlight

  • Bitcoin To Eclipse $200,000 As Economic Volatility Subsides, Says Bitwise CIO Matt Hougan – Here’s the Timeline
    May 16, 2025
  • Bitcoin Flirting With Danger As BTC Faces Major Resistance Level, Says Trader Jason Pizzino – Here’s His Outlook
    May 16, 2025
  • Google Issues Cybersecurity Alert to US Retailers, Says Hackers Who Paralyzed UK Counterparts Now Targeting American Stores
    May 16, 2025
  • US Senators Make Potential Progress on Stablecoin Bill Amid Partisan Negotiations: Report
    May 16, 2025
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Covering the future of finance, including macro, bitcoin, ethereum, crypto, and web 3.

Categories

Bitcoin • Ethereum • Trading •
Altcoins • Futuremash • Financeflux •
Blockchain • Regulators • Scams •
HodlX • Press Releases

 

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON X

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2025 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams, Hacks & Breaches
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • Chainwire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise

© 2025 The Daily Hodl