Michael Hsu, who heads a major U.S. banking agency, said the recent fiery collapse of TerraUSD (UST) and the larger drama that accompanied it should serve as a "wake-up call" for the industry, which he said has grown too fast.
Hsu, the acting head of the Office of the Comptroller of the Currency (OCC), spoke at the DC Blockchain Summit in Washington on Thursday and said the cryptocurrency industry has an unhealthy "addiction to hype" that he believes is getting worse.
The self-described "crypto skeptic" said he sees some benefits in the rise of digital assets, but noted that he's pleased with his agency's measures to ensure it's difficult for traditional banks to overly participate in cryptocurrencies.
This is an evolving story and will be updated.