The United States Office of the Comptroller of the Currency (OCC), an independent bureau of the U.S. Treasury Department that supervises national commercial banks in the country, will host a symposium on tokenization in February 2024.
The upcoming symposium is set to ignite a public dialogue on the transformative potential of tokenizing real-world financial assets and liabilities. The event will particularly focus on establishing the groundwork for “responsible innovation.” In a press release, Acting Comptroller Michael Hsu highlights the emerging divide between crypto and the tokenization of real-world assets and liabilities:
“Crypto remains driven by the promise of speculative gains, continues to be marked by rampant scams, fraud, and hacks, and struggles to comply with anti-money laundering rules. By contrast, tokenization is driven by solving real-world settlement problems and can easily be developed in a safe and sound manner and fully compliant with anti-money laundering rules.”
The symposium is set to include keynote remarks from Hyun Song Shin, economic adviser and head of research at the Bank for International Settlements. Panel discussions will explore the legal foundations for tokens, tokenization use cases, risk management considerations and economic research on tokenization.
The OCC says it will livestream the event and post the registration forms later in 2023 on its website.
The OCC has consistently discouraged banks from engaging with cryptocurrencies through its interpretive letters. At the start of 2023, it joined two other bank regulatory agencies in issuing a collective statement cautioning banks about the potential risks associated with crypto.
In March 2023, the agency announced the establishment of its Office of Financial Technology, which it said will broaden the OCC’s technology focus and help it stay abreast of the rapid developments in the banking industry.
Safeguarding minister Jess Phillips has told Sky News that councils that believe they don’t have a problem with grooming gangs are “idiots” – as she denied Elon Musk influenced the decision to have a national inquiry on the subject.
The minister said: “I don’t follow Elon Musk’s advice on anything although maybe I too would like to go to Mars.
“Before anyone even knew Elon Musk’s name, I was working with the victims of these crimes.”
Mr Musk, then a close aide of US President Donald Trump, sparked a significant political row with his comments – with the Conservative Party and Reform UK calling for a new public inquiry into grooming gangs.
At the time, Ms Phillips denied a request for a public inquiry into child sexual exploitation in Oldham on the basis that it should be done at a local level.
But the government announced a national inquiry after Baroness Casey’s rapid audit on grooming gangs, which was published in June.
Asked if she thought there was, in the words of Baroness Casey, “over representation” among suspects of Asian and Pakistani men, Ms Phillips replied: “My own experience of working with many young girls in my area – yes there is a problem. There are different parts of the country where the problem will look different, organised crime has different flavours across the board.
“But I have to look at the evidence… and the government reacts to the evidence.”
Ms Phillips also said the home secretary has written to all police chiefs telling them that data collection on ethnicity “has to change”, to ensure that it is always recorded, promising “we will legislate to change the way this [collection] is done if necessary”.
Operation Beaconport has since been established, led by the National Crime Agency (NCA), and will be reviewing more than 1,200 closed cases of child sexual exploitation.
Ms Phillips revealed that at least “five, six” councils have asked to be a part of the national review – and denounced councils that believed they don’t have a problem with grooming gangs as “idiots”.
“I don’t want [the inquiry] just to go over places that have already had inquiries and find things the Casey had already identified,” she said.
She confirmed that a shortlist for a chair has been drawn up, and she expects the inquiry to be finished within three years.
Ms Phillips’s comments come after she announced £426,000 of funding to roll out artificial intelligence tools across all 43 police forces in England and Wales to speed up investigations into modern slavery, child sex abuse and county lines gangs.
Some 13 forces have access to the AI apps, which the Home Office says have saved more than £20m and 16,000 hours for investigators.
The apps can translate large amounts of text in foreign languages and analyse data to find relationships between suspects.
With a sentencing hearing scheduled in a matter of weeks, Roman Storm is potentially looking at five years in jail for running an unlicensed money transmitting service.