FDIC Is Investigating The Role Of Banks In The Cryptocurrency Market

The FDIC is investigating the role of banks in the cryptocurrency market. The company is asking for information on banks' cryptocurrency activity.

The United States Federal Deposit Insurance Corporation (FDIC) states that banks are looking for information and public comments about their cryptocurrency-related activities. In a statement dated May 17, the FDIC officially announced the request for public input to learn more about the industry and consumers' interests in the market and the role of banks in the digital asset ecosystem. FDIC President Jelena McWilliams says the new demand gives them the opportunity to gain additional insight into the market and the role banks can play in the future. Stating that the public contribution will help the agency better understand the market in terms of legislation, FDIC President also said: "In the FDIC, we are laying the foundation for the next part of banking by ensuring that we have a regulatory framework that allows responsible innovation to flourish. Digital assets are an area where we have seen rapid expansion and innovation in recent years." Emphasizing that they are aware that there are new and unique issues regarding digital assets, FDIC noted that given that banks are increasingly exploring the emerging digital asset ecosystem, they are publishing this request for information (RFI) to help the industry and consumers understand their interests in this area.

What is the FDIC?

The Federal Deposit Insurance Corporation (FDIC) is an independent institution created by Congress to maintain stability and public confidence in the country's financial system. FDIC deposits insurances; It examines and audits financial institutions for security, soundness and consumer protection. The institution also makes large and complex financial institutions solvable.     Source: Investing.com