The Federal Deposit Insurance Corporation (FDIC) has issued a request for information and comments on digital assets to learn more about how financial institutions are now using them and how they plan to use them in the future.
The FDIC document asks interested parties to make comments until July 16, after which the FDIC will consider the responses. The proposals are regarded to have the potential to help shape future policy on digital assets through the FDIC.
The Federal Deposit Insurance Corporation (FDIC) is an independent agency created by Congress to offer financial system insurance in the United States. The FDIC plays a critical role in safeguarding confidence and stability in the financial system by overseeing regulation, resolution, and deposit insurance for banks and other institutions in the event of a collapse.
With the country’s banks and other significant financial institutions classified as insured depository institutions or IDIs, their approach to dealing with digital assets might set the course for the mainstream financial industry in the United States.
“One area of new technology and innovation surrounds the use of digital assets in financial markets and intermediation, as well as with settlement and payment systems. Banks are increasingly exploring several roles in the emerging digital asset ecosystem, such as being custodians, reserve holders, issuers, and exchange or redemption agents; performing node functions, and holding digital asset issuers’ money deposits.”
The FDIC acknowledges that digital assets have innovative and unique considerations, and this RFI is intended to help the FDIC better understand these issues. The FDIC is looking for feedback on current and potential use cases involving IDIs and their affiliates and risk and compliance management.
The FDIC stated in the request for information document that banks are becoming more interested in digital assets now and in the future.
Before the deadline of July 16, you can send your comments via email or mail.