US Government Accountability Office Urges FDIC to Coordinate Blockchain Oversight
By
@cointelegraph
Summary
The US Government Accountability Office (GAO) has formally urged the Federal Deposit Insurance Corporation (FDIC) to coordinate with other federal agencies to address risks associated with blockchain technology and blockchain-based financial products. The GAO made a letter to FDIC Chairman Travis Hill public on Monday, noting that it first flagged priority recommendations with the regulator in May of the previous year. The GAO has placed blockchain technology on its "High Risk List," citing that regulators have struggled to effectively oversee blockchain-based financial products.
Source
bskyUS Government Accountability Office Urges FDIC to Coordinate Blockchain Oversightcointelegraph.comKey quotes
· 2 pulledGAO made a June 8 letter to FDIC Chairman Travis Hill public on Monday, which said that it first flagged priority recommendations with the regulator in May last year, including addressing blockchain technology risks.
It said that blockchain technology was an area of concern that it put on its 'High Risk List,' as it deems that regulators have struggled to oversee blockchain-based financial products.
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