FDIC Scrambling To Get All US Banks Ready To Sell Crypto
Last year in 2021 the Office of The Comp Controller of the Currency (governing body that oversees all US banks) gave the green light for institutions residing in the United States to custody cryptocurrencies.
Head of the FDIC (Federal Deposit Insurance Corporation) Jelena McWilliams stated in an interview Monday Oct. 25th that a team of US banking regulators is trying to provide a roadmap for banks to engage with crypto assets.
Unlike other regulatory bodies here within the US the FDIC seems to be very forward moving when it comes to providing clarity within the nascent crypto market. This is what we need before the lack of clarity pushes innovation as well as investor money out of US markets.
““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.”
”
You guys know what my opinion is on the matter. I believe there is a war going on behind the curtains. A currency war. You have one side who are strongly against this new form of the monetary system and you have the others that want to embrace it. Only time will tell. But so far these past few years are only getting better for Crypto Investors.
The fact that they are publicly saying they are trying to figure things out is bullish for all of us.
Let’s see what happens.
Jk
