The FDIC Wants to Find Out More About Banks’ Roles in Crypto Markets
The US Federal Deposit Insurance Corporation (FDIC), the largest provider of deposit insurance to US commercial and savings banks, wants to know more about banks’ activities related to cryptocurrencies.
In particular, the institution yesterday put out a request for public feedback in order to gather information about the “current and potential digital asset use cases” at insured institutions, which will allow it to further develop the industry and drive innovation.
According to the FDIC:
“Banks are increasingly exploring several roles in the emerging digital asset ecosystem, such as being custodians, reserve holders, issuers, and exchange or redemption agents; performing node functions; and holding digital asset issuers’ money deposits.”
It looks like the FDIC’s intentions are good, as it simply wants to know how digital assets work as well as their use cases in financial markets in terms of regulations.
It is no surprise that the agency has shown interest in digital assets, as major US banks are stepping into the crypto industry.