According to the chairman of the Federal Deposit Insurance Corporation, American regulators are working on rules for introducing cryptocurrencies into the banking industry.
FDIC Chairwoman Jelena McWilliams
stated at the Money 20/20 conference in Las Vegas. The agency is focused on creating clear rules for the efficient and safe operation of banks with cryptocurrencies. Over the past several months, the FDIC has partnered with the Office of the Comptroller of the Currency (OCC) and the US Federal Reserve (FRS) on this issue.
As a reminder, an interdepartmental group to resolve legal issues related to cryptocurrencies was created in May. Its goal is to clarify the regulation of cryptocurrencies and define the requirements that banks must comply with when dealing with digital assets. The departments will publish the results of joint work in the coming months.
“We are working to define clear rules of conduct for banks and financial institutions when dealing with cryptocurrencies in order to simultaneously reduce the associated risks and help innovation flourish. If we do not do this, the United States risks losing its leading position in creating technologies that are changing the world, ”said McWilliams.
She paid particular attention to stablecoins, saying that in order to fully realize their potential, they must be closely monitored by governments. According to McWilliams, stablecoins should indeed be backed by safe and highly liquid assets in a 1: 1 ratio. In addition, it is necessary to eliminate the risks associated with the instability of stable cryptocurrencies to attacks, and their use for money laundering. In some cases, departments will even have to decide under what circumstances banks can hold cryptoassets on the balance sheet.
“If banking institutions are prohibited from working with digital assets, this industry will be able to develop without the participation of banks. Then federal regulators will not be able to control cryptocurrencies, ”added McWilliams.
By contrast, EU regulators intend to tighten regulation of stable cryptocurrencies due to concerns that they could disrupt financial stability.
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