Federal agencies have in recent months seen a less pressing need to publish planned interagency guidance on how banks should treat digital assets, Michael Hsu, acting comptroller of the currency, said Wednesday at a banking industry conference in New York.
The overall crypto market capitalization sat at about $960 billion Wednesday, down from about $3 trillion in November, according to data provider CoinMarketCap.
He highlighted the Terra collapse—the stablecoin TerraUSD, ostensibly pegged to the U.S. dollar, which plunged in value in May—as a major event that disrupted an industry that had been “running really rapidly.”
“Now there’s just a little bit more breathing space,” he said. “We have time.”
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