Jelena Mcwilliams – Chairwoman of the Federal Deposit Insurance Corporation says that says that US officials are looking to hold cryptocurrencies in order to keep control over the asset in an interview with Reuters.
The push to make the asset class main-stream would involve rules over holding cryptocurrency in custody to facilitate client trading, use them as loan collateral, or even hold them on balance sheets like more traditional assets. Mcwilliams states “we need to allow banks in this space, while appropriately managing and mitigating risk“.
The push for regulation on crypto assets also is out of fear that crypto will develop outside of the banks and that regulators won’t be able to regulate it.
The OCC, Fed, and FDIC are working together to ensure coordination amongst the three regulators on cryptocurrency policy.