FDIC Is Preparing Guidance on Banks and Crypto
(Bloomberg) -- Add the Federal Deposit Insurance Corp. to the list of regulators with their eyes on crypto.
The agency has been working with the Federal Reserve and the Office of the Comptroller of the Currency to coordinate policies for how and under what circumstances banks can engage in activities involving crypto assets, FDIC Chairman Jelena McWilliams said at a conference Monday. The FDIC plans to issue a series of policy statements in the coming months, she said.
“My objective is to provide clear guidance to the public on how our existing rules and policies apply to crypto assets, what types of activities are permissible for banks to engage in, and what supervisory expectations we have for banks that do engage in such activities,” McWilliams said at the Money20/20 fintech conference, according to remarks posted by the FDIC.
When it comes to stablecoins, McWilliams said they should be subject to tailored oversight and that those issued from outside the banking sector be backed 1-to-1 by safe, highly liquid assets.
“We must be cognizant that our American values, culture, and influence face increasing competition from abroad, including from regulatory systems that focus intently on promoting technological innovation and taking the mantle from the United States,” McWilliams said.
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