The Federal Deposit Insurance Corporation seeks insights on the role of banks in the cryptocurrency market

The Federal Deposit Insurance Corporation of the United States is looking for information and public opinions on bank activities related to cryptocurrencies.

FDIC is the main provider of deposit insurance for commercial and savings banks in the United States. It was originally created to solve bank runs during the Great Depression.

On Monday, the FDIC officially announced Announce The public is required to provide comments to obtain more information about the interests of the industry and consumers in the market and the role of banks in the digital asset ecosystem.

“Banks are increasingly exploring several roles in the emerging digital asset ecosystem, such as acting as a custodian, reserve holder, issuer, and exchange or redemption agent; performing node functions; and holding digital assets The issuer’s currency deposits.”

The company specifically hopes to improve its understanding of digital asset use cases in financial markets and intermediaries, as well as settlement and payment systems. The Federal Deposit Insurance Corporation is also seeking advice on the risk and compliance management of insurance depository institutions and their affiliates in activities related to digital assets.

FDIC chairman Jelena McWilliams pointed out that public opinions will help the agency better understand the market in terms of regulations.

“At the Federal Deposit Insurance Corporation (FDIC), we will ensure that there is a regulatory framework for responsible innovation and thriving, thus laying the foundation for the next chapter of the banking industry. This RFI gives us the opportunity to gain more insights into the market, And the role that banks may play in the future.” McWilliams said.

The institution’s interest in use cases for digital assets in financial institutions comes from Bank of America’s active entry into the crypto industry. In early May, investment bank Goldman Sachs (Goldman Sachs) Launched a cryptocurrency trading desk, Allowing institutional partners to trade derivatives. Previously, Morgan Stanley added Bitcoin (Bitcoin) Contact 12 investment funds After announcing plans to provide encryption services to wealthy customers.