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FDIC faces GAO pressure over gaps in crypto oversight – TON BOT

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FDIC faces GAO pressure over gaps in crypto oversight

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The U.S. Government Accountability Office (GAO) has advised the Federal Deposit Insurance Corporation (FDIC) to collaborate more closely with other federal regulators on blockchain risks. GAO highlighted the lack of a coordinated oversight process for blockchain financial risks and urged FDIC to strengthen bank supervision in light of recent bank failures. The FDIC’s role is expanding under the GENIUS Act, with proposed rules for stablecoin issuers. GAO also recommended case manager rotation and emphasized the need for ongoing coordination mechanisms to identify and respond to blockchain risks. Congress and federal agencies are working on broader crypto rulemaking, including the CLARITY Act and addressing issues related to stablecoins, bank charters, and customer identification rules. The GAO did not call for a ban on blockchain products but emphasized the importance of coordinated oversight and timely attention from the FDIC.

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