FDIC Chairman: Stablecoins have multiple advantages, U.S. regulators are clarifying regulatory policies

The Chair of the Federal Deposit Insurance Corporation (FDIC), Jelena McWilliams, stated that U.S. regulators are exploring under what circumstances banks can engage in activities involving crypto assets. She emphasized that establishing clear regulations for the cryptocurrency market presents an opportunity for responsible growth and maturity, and is "vital."

Jelena McWilliams stated at a fintech conference on Monday that the FDIC is working with the Federal Reserve and the Office of the Comptroller of the Currency (OCC) to provide clear regulations for banks dealing with crypto assets, including stablecoins. McWilliams mentioned that the FDIC plans to release a series of policy statements regarding bank guidance in the coming months.

McWilliams believes that stablecoins offer many potential benefits to consumers, such as faster, cheaper, and more efficient payment methods. However, she also cautioned that if one or more payment methods become the primary means of payment in the U.S. or globally, where funds are no longer held in insured banks, it could have significant implications for the country's financial stability.

McWilliams stated: "To realize the potential benefits of stablecoins while considering the potential risks, stablecoins should be subject to carefully designed government oversight."

According to reports from foreign media, many U.S. regulatory agencies have agreed to let the U.S. Securities and Exchange Commission (SEC) lead the national regulation of stablecoins. The lack of clarity in the regulation of digital assets in the U.S. has been a concern for many crypto-related companies, fearing potential legal disputes or government policy changes at any time.

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