The US FDIC is looking for information about banks’ involvement in cryptocurrency markets

The United States Federal Deposit Insurance Corporation is seeking public information and commentary on banking activities related to cryptocurrency.

FDIC is the leading provider of deposit insurance for US commercial and savings banks.., originally created to address bank runs during the Great Depression.

On Monday, The FDIC officially announced a public participation request to learn more about the industry and consumer interests in the marketand the role of banks in the digital asset ecosystem.

The US FDIC is looking for information about banks’ involvement in cryptocurrency markets
The US FDIC is looking for information about banks’ involvement in cryptocurrency markets

“Banks are increasingly exploring various roles in the emerging digital asset ecosystem, such as custodians, reserve holders, issuers and exchange or redemption agents, performing node functions and maintaining the deposits of digital asset issuers” ???the FDIC stated.

The company is particularly keen to improve its understanding of digital asset use cases in financial markets and brokerage, and settlement and payment systems. The FDIC asks the insured custodians and their affiliates for information on risk management and regulatory compliance when conducting activities related to digital assets.

The President of the FDIC, Jelena Mcwilliams, He noted that public opinion will help the agency better understand the regulatory market.

At FDIC, we’re laying the groundwork for the next chapter on banking by making sure we have a legal framework in which responsible innovation can thrive Opportunity to learn more about the market and the role banks may play in the future, ”said McWilliams.

The agency’s interest in digital asset use cases for financial institutions comes from the fact that US banks are actively entering the crypto industryAt the beginning of May, the investment bank Goldman Sachs launched a cryptocurrency trading desk with which institutional partners can trade derivative products. Morgan Stanley added Bitcoin (BTC) exposure to 12 mutual funds after announcing plans to offer cryptocurrency services to wealthy clients.

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