FDIC Chair: Regulators Working On Framework For Banks To Hold Crypto

Are you afraid that crypto is going to be banned in The U.S?

You can rest easy knowing that both The FDIC and large banking institutions are interested in a regulatory framework which will allow banks to hold cryptocurrencies.

This is excellent news for both the seasoned investor, as well as those looking to get in.

It’s still unclear as to what exactly these regulations will look like, but investors and financiers alike seem to be excited for what this move holds for the future of cryptocurrencies in The U.S.

With China essentially out of the picture when it comes to cryptocurrencies there is a huge opportunity for U.S. financial institutions to fill the void, and to capitalize.

Here’s what we currently know:

We plan to issue a series of policy statements in the coming months, says Chairman McWilliams, to provide clear guidance to the public on how our existing rules and policies apply to #cryptoassets. Read more ➡️ https://t.co/nfTf2ggXqv. pic.twitter.com/JQH7S7WVKc

— FDIC (@FDICgov) October 27, 2021

#Crypto NEWS: U.S. regulators exploring how banks could hold crypto assets – FDIC chairman

“At some point in time, we're going to tackle how & under what circumstances banks can hold them on their balance sheet."

Why? FOMO on gains is kicking in 😎 https://t.co/KWp8LFxTTE

— Tevi Lawson (@TeviLawson13) October 26, 2021

Crypto Potato reports:

The United States will aim for clear regulatory rules to enable banks and their customers to hold and operate with cryptocurrencies, said the FDIC chair, Jelena McWilliams.

As such, the positive developments coming from the world’s largest economy continue as the nation recently had its first Bitcoin Futures ETF.

FDIC is prepping banks for crypto adoption! pic.twitter.com/jswVQsN8cg

— CryptoTommo (@CryptoTommmo) October 27, 2021

Reuters quotes The FDIC chair:

“I think that we need to allow banks in this space, while appropriately managing and mitigating risk,” she said in an interview on the sidelines of a fintech conference.

“If we don’t bring this activity inside the banks, it is going to develop outside of the banks. … The federal regulators won’t be able to regulate it.”

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