The FDIC (Federal Deposit Insurance Corporation) has announced a series of regulatory changes aimed at supporting new bank formation and improving oversight of cryptocurrency services.
Support for New Bank Formation
The number of bank charters in the U.S. has dropped from over 8,500 in 2008 to about 4,500 today. The FDIC plans to support the establishment of new banks in underserved areas by lowering capital requirements for applicants. It was noted that about 68 million Americans live in counties without local banks.
Easing Rules for Cryptocurrency Services
The new FDIC guidelines allow banks to offer cryptocurrency-related services without prior permission, provided that risks are managed properly. The FDIC regards crypto like any other banking activity, though the use of public blockchains is prohibited.
Evaluation of Stablecoin Regulation
The FDIC is reviewing stablecoin-related regulations in the context of Congress's legislative efforts. The focus is on clarifying regulations regarding reserve deposits for stablecoins, liquidity risk management, and cybersecurity standards. Hill emphasized the necessity of developing technical solutions to prevent unintended fund movements in the event of bank failures.
The FDIC is striving to modernize the banking system and adapt it to current conditions while ensuring high service standards are maintained.
