U.S. government regulators urge the Federal Deposit Insurance Corporation to coordinate cryptocurrency regulation.

Odaily Planet Daily reports that the U.S. Government Accountability Office (US GAO) sent a letter to Federal Deposit Insurance Corporation (FDIC) Chairman Travis Hill on June 8. The letter states that the rapid growth of blockchain-related financial products and services has led to blockchain technology being listed as a high-risk technology. The US GAO recommends establishing a coordination mechanism to help the FDIC and other regulatory agencies jointly identify risks and implement timely regulatory responses. Furthermore, under the GENIUS Act passed last year, the FDIC is the primary regulator overseeing bank-affiliated stablecoin issuers. The US GAO also recommends that the FDIC rotate case managers assigned to banks to reduce threats to its independence. The collapse of three crypto-related banks in 2023 raised questions about whether regulators were taking sufficient action. (cointelegraph)