The US Government Accountability Office (GAO) has urged the Federal Deposit Insurance Corporation (FDIC) to coordinate with other federal agencies in addressing risks from blockchain technology. The GAO made this recommendation in a June 8 letter to FDIC Chairman Travis Hill, which was made public on Monday.
The GAO had previously flagged priority recommendations with the FDIC in May last year, including addressing blockchain technology risks. It deemed that regulators have struggled to oversee blockchain-based financial products and the risks they could pose to US markets.
Under the GENIUS Act passed last year, the FDIC is the main regulator for stablecoin issuers that are subsidiaries of banks it supervises. Senate lawmakers are currently looking to pass a bill that would outline how federal agencies would regulate the wider crypto market.