In an open letter addressed to Acting Comptroller Michael Hsu, the lawmakers said they were concerned that several interpretative letters published in 2020 and 2021 under former Acting Comptroller Brian Brooks (now CEO of crypto company Bitfury), which allowed banks to provide crypto custody services, hold stablecoin reserves and engage in other crypto-related activities, “essentially granted banks unfettered opportunity” to engage in problematic crypto activities. The interpretative letters, which also includes one published under Hsu’s tenure, did not address any of the risks tied to crypto banking activities, the lawmakers said.
