US regulators are exploring under what circumstances banking organizations can engage in digital asset activities
The Federal Deposit Insurance Corporation (FDIC) is working with the Federal Reserve and the Office of the Comptroller to develop a set of rules for banks dealing with cryptocurrency.
This was announced by FDIC Chair Elena McWilliams at the Money20 / 20 Fintech conference. According to McWilliams, regulators are currently examining under what circumstances banks can engage in digital asset activities.
The FDIC chairman noted that the new rules are intended to clarify the regulation of banks that manage crypto assets and stablecoins.
McWilliams argues that stablecoins have many benefits for consumers, but if they become the dominant form of payments in the United States, it could affect the country’s financial stability.
“In order to realize the potential benefits that stablecoins have to offer, given the potential risks, they must be subject to carefully considered government oversight,” said the head of the FDIC.
On October 26, it became known that the working group on financial markets under the President of the United States (PWG) by the end of the week will present guidance on regulating the circulation of stablecoins in the country.
The Securities and Exchange Commission (SEC) and the Futures Trading Commission (CFTC) will receive new powers to work with stable digital coins.
