As the use and popularity of cryptocurrencies continues to increase, regulation of cryptocurrencies in all countries in the world is also on the agenda.
In the USA, where crypto currency trading and mining is high, the Securities and Exchange Commission (SEC) has not made an explanatory speech about the regulation of cryptocurrencies until today.
A senior US bank executive said that US officials want to provide a clearer way for banks and their customers who want to hold cryptocurrencies to retain control over fast-growing digital assets.
Cryptocurrency Regulation Work Continues!
Jelen McWilliams, Chairman of the US Federal Deposit Insurance Corporation (FDIC), said in an interview with Reuters that a team of US Bank Regulators is working on a roadmap for banks to hold crypto assets.
At the end of these studies, the rules on how a bank can hold and protect digital assets will be determined.
The FDIC Chairman continued after stating that if these rules are approved, it could create a new wave of adoption in Bitcoin and cryptocurrencies and millions of people from the traditional financial sector to the crypto market:
I believe we should allow banks in this space to tap into cryptocurrencies. At the same time, we must appropriately manage and limit all risks.
If we do not introduce this field of activity to the banks, it will continue to develop outside the banks. Federal regulators will not be able to regulate it.
FDIC chairman McWilliams recently said that he thinks like crypto-friendly officials in the US government, that his goal is to stop and prevent the migration of the Bitcoin and crypto industry abroad.