At the recently held Money 20/20 conference, chairwoman of the Federal Deposit Insurance Corporation (FDIC) Elena McWilliams said that state regulators have begun to develop standards for interaction between banks and the crypto industry. One of the key tasks of the project is to create conditions for the development of innovative technologies and risk management.

According to McWilliams, the spontaneous existence of the crypto-industry without clear regulation can have a negative impact on the development of the innovative field itself and deprive America of leadership in digital technology development.

Currently, the FDIC, the Fed and the Office of the Comptroller of the Currency at the U.S. Treasury are deciding what role banks will play in operations involving cryptocurrencies. According to the FDIC chairman, the regulators will present a series of related policy statements in the coming months.

Stablecoins received special attention at the conference. Once again, the need to regulate tokens on such points as asset security and financial stability of issuers, as well as strengthening anti-money laundering measures, was emphasized.

The standards under development will regulate the storage of cryptocurrency to secure trade transactions, its use as collateral for loans and even the opening of accounts along with fiat currencies. It also became known that the FDIC is considering the possibility of direct deposit insurance in banks issuing stabelcoins.

It seems that American regulators have seriously decided to take the cryptocurrency industry under full control, which actually contradicts the very idea of digital currencies. Do you think this will lead to the decline of the crypto market or will regulators be unable to cope with the scale of a decentralized financial system?