in the USA For Bitcoin (BTC) and cryptocurrencies While regulatory efforts continue FDIC Deputy Chairman Travis HillNew statements came from .
Making an official statement at this point, Travis Hill said: cryptocurrencyHe called on the SEC to provide greater regulatory clarity in the crypto space, noting that cryptocurrencies exist and are used in many industries, including banking.
Hill emphasized the importance of defining industry-related terms to facilitate regulation and increase innovation covering the digital asset sector and called for this definition.
Expressing concerns about the SEC’s broad interpretation of “cryptocurrency assets”, the FDIC vice chairman continued his words as follows.
“The SEC’s definition of “cryptocurrency asset” is extremely broad and can be read to include not only blockchain-native assets but also tokenized versions of real-world assets. Therefore, a clear common definition of crypto assets and related concepts must be made.
“This is where we need to do our homework and make sure we understand the implications of new technologies like crypto that could reshape banking.”
The FDIC deputy chairman recently underlined the importance of distinguishing between the use of cryptocurrency, blockchain and distributed ledger technologies by banks, arguing that banks seeking to use these technologies for traditional banking activities should not face the same regulatory hurdles as banks engaging in crypto-related initiatives.
*This is not investment advice.
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