U.S. GAO Urges FDIC to Establish Crypto Regulation Coordination on June 8

On June 8, the U.S. Government Accountability Office (GAO) urged the Federal Deposit Insurance Corporation (FDIC) to establish coordination mechanisms for cryptocurrency regulation, according to Cointelegraph. The GAO noted that blockchain-related financial products and services have grown significantly and blockchain technology has been flagged as a high-risk area. Under the GENIUS Act passed last year, the FDIC holds primary supervisory authority over bank subsidiaries issuing stablecoins.
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