The US banking regulator spoke about the situation in the cryptocurrency market: the industry should be subject to strict and thorough regulation, by analogy with banks.
The Federal Deposit Insurance Corporation (FDIC), the consumer protection agency, will issue industry-wide guidance for digital asset financial institutions. This was stated by Acting Chairman Martin Gruenberg. In particular, the agency is interested in stablecoins and their regulation.
The FDIC began research into the risks associated with cryptocurrencies back in April, and although the organization advocates strict regulation of the industry, this does not mean that it is strongly opposed to the industry. Grunberg noted the unparalleled practical effectiveness of stablecoins, their ability to offer users fast, round-the-clock access to financial services.
The official said that stablecoins could drastically affect the banking industry and therefore need clear regulation:
“All issuers of payment stablecoins, as well as federal or state banks, should be subject to careful regulation and oversight. As time goes by, the FDIC and other federal banking regulators are becoming more aware of the risks that come with this industry, so we look forward to broader multi-agency advice.”
Earlier, US Republican Congressman Pat Toomey said that the FDIC is putting pressure on banks – he made such a conclusion after studying the recommendations that the agency sent to credit institutions.
Source: Bits
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