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U.S. government regulators urge the Federal Deposit Insurance Corporation to coordinate cryptocurrency regulation

2026-06-16 05:29:24

Abstract generation in progress

Mars Finance News: The U.S. Government Accountability Office (U.S. GAO) sent a letter on June 8 to Travis Hill, the Chairman of the Federal Deposit Insurance Corporation (FDIC). The letter stated that blockchain-related financial products and services have grown significantly, and that blockchain technology has been included in the high-risk list. The U.S. GAO recommended establishing a related coordination mechanism to help regulatory authorities such as the FDIC jointly identify risks and promptly carry out regulatory responses. In addition, under the GENIUS Act passed last year, the FDIC is the primary regulator supervising the stablecoin issuer subsidiary of supervised banks. The U.S. GAO also suggested that the FDIC rotate the case managers assigned to banks to reduce threats to independence. The failure of three banks related to the crypto industry in 2023 has raised questions about whether regulators have taken sufficient action.

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