Jun 16
US Government Accountability Office urges FDIC to improve crypto oversight coordination
➤ The US Government Accountability Office (GAO) is urging the FDIC to improve its coordination with other financial regulators on blockchain and crypto risks. ➤ Despite a 2023 recommendation for interagency coordination, a formal mechanism remains largely unimplemented, creating potential regulatory gaps. ➤ The FDIC has eased its own notification requirements for banks engaging in crypto activities, while the GAO emphasizes the need for a unified approach due to the cross-jurisdictional nature of crypto products.