US Financial Regulators Join UK FCA’s ‘Global Sandbox’
Four U.S. regulators joined an international alliance of government regulators seeking to bolster the future of fintech.
Last year, Federal Reserve Governor Lael Brainard announced the Boston branch of the U.S. central bank was exploring a digital dollar. She’ll be speaking next week at Consensus.
"At the FDIC we have been watching [digital asset] developments closely, and plan to issue a request for information to learn more," Jelena McWilliams said.
"Prior to this meeting, Vice Chair Quarles, Chair McWilliams and I had talked about potentially putting together an interagency policy sprint team just on crypto because of exactly the concerns you've described," Hsu said.
Are stablecoins fully backed by reserves? Are they FDIC-insured? Stablecoins may be too good to be true, says our columnist.
Square Financial Services was given conditional approval by the FDIC Board for an Industrial Loan Company bank charter on Wednesday.