The Bank Policy Institute and the American Bankers Association asked acting Comptroller of the Currency Michael Hsu to deny Sen. Elizabeth Warren's request to rescind Trump-era cryptocurrency guidance.
The three high-profile lawmakers threw their weight behind a push by Sen. Elizabeth Warren, who urged the Office of the Comptroller of the Currency to crack down on crypto activity in the banking sector.
In its semiannual risk report, the Office of the Comptroller of the Currency said it was working to provide clarity on the legality and soundness related to digital assets.
Acting Comptroller of the Currency Michael Hsu said the recent collapse of TerraUSD suggests that prudential rules for stablecoin could prevent similar events in the future.