The U.S. Federal Deposit Insurance Corporation is seeking information and public comment on banking activities related to digital currency.
The FDIC is the leading provider of deposit insurance for US commercial and savings banks. UU., Originally created to tackle banking racing during the Great Depression.
On Monday, the FDIC officially announced a request for public participation to learn more about the industry and consumer interests in the market, as well as the role of banks in the digital asset ecosystem.
“Banks are increasingly exploring various roles in the emerging digital asset ecosystem, such as custodians, reserve forks, issuers and exchange or redemption agents; performing node functions; and maintaining the money deposits of issuers. ‘digital assets’, the FDIC stated.
The corporation is particularly looking to improve its understanding of cases of digital asset use in financial markets and intermediation, as well as in settlement and payment systems. The FDIC is also seeking information on risk management and compliance of insured depository institutions and their affiliates in conducting activities related to digital assets.
FDIC President Jelena McWilliams noted that public opinion will help the agency better understand the market in terms of regulations.
“At the FDIC, we are laying the groundwork for the next chapter of banking by ensuring we have a regulatory framework that allows responsible innovation to flourish. This RFI gives us the opportunity to obtain additional information about the market and the role that banks could play in the future, ”McWilliams said.
The agency’s interest in cases of use of digital assets for financial institutions occurs when U.S. banks are actively moving toward the cryptography industry. In early May, investment bank Goldman Sachs launched a digital currency trading table, which allows institutional partners to trade derivatives. Earlier, Morgan Stanley added Bitcoin (BTC) exposure to 12 mutual funds after announcing plans to offer encryption services to wealthy clients.