US regulators to explore crypto policy for banks

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  • Jelena McWilliams, the chair of the Federal Deposit Insurance Corporation (FDIC), has said the agency is working closely with US regulators to explore “under what circumstances banks can engage in activities involving crypto assets.”
    • “Establishing clear regulatory expectations will be paramount to give this market an opportunity to grow and mature in a responsible manner,” said McWilliams.
    • In a speech held at the Money20/20 Fintech Conference, McWilliams said the FDIC, along with the Federal Reserve and the Office of the Comptroller of Currency, is looking for ways to create regulatory clarity for banks handling crypto assets.
    • She also said the regulations will also cover stablecoins in order to help these crypto tokens “realise the potential benefits they have to offer.”
    • McWilliams suggested banks can expect a series of policy statements in the coming months.
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