Former U.S. OCC Administrator: Central Bank Digital Currency Should Not Be Tried, Traditional Banks Should Be Allowed To Play In The Crypto Market

According to The Block, former U.S. Office of the Comptroller of the Currency (OCC) Commissioner Gene Ludwig said at the annual meeting of the Bank Policy Institute in New York on Tuesday that the federal government does not want a largely unregulated third party to create its own currency and should not try to use it. Central bank digital currency should instead allow banks to play a more active role in the encryption market, transferring more encryption business and innovation to the traditional banking industry. But Jeremiah Norton, a managing member at regulatory consultancy Chain Bridge Partners, warned that regulators may view increased exposure to digital assets with caution.