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The recent collapse of the TerraUSD stablecoin and associated sell-off in crypto markets has shown that hype-driven growth can lead to bubbles, harm consumers, and crowd out productive innovation,” Hsu said in a speech Tuesday before the Digital Chamber of Commerce.

“What has become clearer to me … is that these developments are indicative of the crypto economy’s dependence on hype…the recent events in crypto should serve as a wake-up call and an opportunity to reset and to recalibrate the problems the industry is trying to solve,” he added.

Hsu says that contagion risks within crypto are real, underscoring that the collapse of algorithmic stablecoin Terra spread to the largest stablecoin, Tether (USDT-USD), and to the broader crypto ecosystem.
WASHINGTON, DC - AUGUST 03: Acting Comptroller of the Currency Michael Hsu testifies during a hearing before Senate Banking, Housing and Urban Affairs Committee at Dirksen Senate Office Building August 3, 2021 on Capitol Hill in Washington, DC. The committee held a hearing on “Oversight of Regulators: Does our Financial System Work for Everyone?” (Photo by Alex Wong/Getty Images)

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*Nothing I state or express should be considered professional advice. This channel is intended for educational and entertainment purposes only. All content contained within is all just my own opinion and experience. I do not advise that you buy sell trade or hodl any digital asset of any kind. You should always consult with your own finical advisor before making any investment decisions*