FDIC Still Lacking on Crypto Oversight Coordination, GAO Reminds

The US Government Accountability Office (GAO) has once again urged the Federal Deposit Insurance Corporation (FDIC) to improve its coordination on crypto oversight. In a letter dated June 8, 2026, the GAO reminded the FDIC that it still needs to implement a formal interagency coordination mechanism for addressing blockchain-related risks.

The recommendation was first made in July 2023 by the GAO, which found that federal regulators lacked an ongoing coordination mechanism for addressing blockchain risks. The agencies involved include the FDIC, Federal Reserve, Office of the Comptroller of the Currency (OCC), Securities and Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC), National Credit Union Administration, and Consumer Financial Protection Bureau.

Although some progress has been made, with three out of seven agencies issuing a joint statement on crypto-asset risk management in July 2025, the GAO's recommendation remains 'open and partially addressed.'

The FDIC has taken steps to address blockchain-related risks on its own turf, including issuing a directive that lets banks engage in permissible crypto-asset activities without prior approval, as long as they follow appropriate risk management guidelines.

Without a structured coordination framework, each regulator operates from its own vantage point, which can lead to varying rules and regulations. This creates uncertainty for financial institutions and can make it difficult for them to comply with regulatory requirements.