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Home/News/US government watchdog urges FDIC to better coordinate crypto oversight
Cointelegraph·18h ago·neutral

US government watchdog urges FDIC to better coordinate crypto oversight

The US Government Accountability Office told the FDIC it needs better coordination with other federal agencies on blockchain risks, noting regulators lack an ongoing mechanism to address the technology's challenges.

  • GAO found financial regulators lack an 'ongoing coordination mechanism for addressing blockchain risks'
  • FDIC is the main regulator for stablecoin issuers that are bank subsidiaries under the GENIUS Act
  • GAO also urged FDIC to rotate case managers assigned to banks to strengthen supervision
  • The watchdog cited the 2023 collapse of Silicon Valley Bank, Silvergate and Signature Bank as cautionary examples
  • Senate is currently working on a bill outlining how federal agencies would regulate the wider crypto market
regulationImpact 5/10
Why our editor rated this neutral

Regulatory process improvement recommendation. Not restrictive or expansionary on its own, but signals that US regulators are still working out how to handle crypto oversight.

Read the full story at Cointelegraph

Coinporta summarises news for fast scanning. Full reporting belongs to the source.

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