As it stands, there’s no way for people to know which crypto firms they can rely on, said Michael Hsu, the acting head of the U.S. Office of the Comptroller of the Currency (OCC).

“We won't be able to know which players are trustworthy and which aren't until a credible third party, like a consolidated home country supervisor, can meaningfully oversee them,” Hsu said in remarks prepared for delivery at an Institute of International Bankers event in Washington, D.C. “Currently, no crypto platforms are subject to consolidated supervision. Not one.”

“Trust is a fragile thing,” Hsu said. “We have learned this the hard way in banking. I believe it contains useful lessons for crypto.”