News

FDIC asks banks for input on digital assets

Wednesday 19 May 2021 09:30 CET | News

The Federal Deposit Insurance Corporation (FDIC) has published a request for information (RFI) about digital assets, aiming to find out how banks are exploring and participating in the sector.

Furthermore, FDIC aims to find out the benefits and risks of digital assets and bank product offerings. In 2020, the Office of the Comptroller of the Currency (OCC) issued multiple interpretive letters, allowing banks to participate in stablecoin, custody digital assets, and hold stablecoin reserves.

The RFI starts by exploring potential use cases in which banks might participate. It involves technology solutions, including operating a node on a blockchain network; asset-based activities such as investments, collateral, margin lending and liquidity; liability-base activities, including deposits that service as digital asset reserves; custodial activities; and others such as market-making and decentralised financing.

The FDIC is interested to find if the crypto services proposed by banks are targeting consumers, or they are engaging in secondary lending based on crypto assets, and if their digital assets activities could have a balance sheet impact, or if it is primarily for internal operations.

Responses are requested by 16 July 2021.


More: Link


Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: cryptocurrency, banks, blockchain, digital assets, lending, regulation
Categories: DeFi & Crypto & Web3
Companies:
Countries: United States
This article is part of category

DeFi & Crypto & Web3






Industry Events