GAO this time named FDIC, rotating case managers is quite an interesting move—lessons from the three banks in 2023, regulators are finally starting to patch the gaps.

Crypto World News, the U.S. Government Accountability Office (U.S. GAO) sent a letter to Federal Deposit Insurance Corporation Chairman Travis Hill on June 8, recommending the establishment of a coordination mechanism to identify risks in blockchain financial products. U.S. GAO pointed out that the Federal Deposit Insurance Corporation is the primary regulator of stablecoin issuers under the Genius Act and suggested rotating bank case managers to reduce threats to independence. The collapse of three crypto-related banks in 2023 has raised questions about regulatory agency actions.