The Federal Deposit Insurance Corporation (FDIC) is developing a more lenient and transparent framework for U.S. banks participating in crypto asset activities, including the use of public, permissionless blockchains.

On April 8, FDIC Acting Chairman Travis Hill spoke at the American Bankers Association Washington Summit, outlining the agency's evolving stance on crypto-related activities.

Guidelines for Interaction with Public Blockchains

One key area under review involves the interaction between regulated banks and public, permissionless blockchains.

Hill acknowledged that while jurisdictions outside the U.S. have allowed banks to use public chains for years, U.S. banking regulators have taken a more cautious approach.

The FDIC now believes that a complete ban on the use of public blockchains is too strict. However, Hill emphasized the need for appropriate safeguards to regulate such activities.

The agency is evaluating existing interagency guidance, including joint statements issued in January and February 2023, to establish lasting standards for the responsible use of public networks.

The question of whether public chains can operate in a permissioned mode is also under consideration. Hill stated that regulators must assess how to define and regulate blockchain configurations that blur the lines between open and permissioned environments.

FDIC to Issue Further Guidance

The FDIC indicated its intention to release more guidance on specific digital asset use cases.

Hill stated that the agency will continue to evaluate outstanding issues related to the scope of crypto-related activities, regulatory treatment of blockchain-based products, and risk management expectations for banks operating in this space.

The broader goal is to establish a consistent and transparent regulatory framework that promotes innovation while ensuring compliance with safety and soundness standards.

Hill recently noted that the agency's revised guidance represents a fundamental shift in how the U.S. banking system treats crypto assets and blockchain technology.

He emphasized that the FDIC has rescinded its previous requirement for regulated entities to notify the agency before engaging in digital asset and blockchain activities.

Stablecoin Regulation and Deposit Insurance Framework

Hill also discussed emerging issues surrounding stablecoins, particularly legislative trends proposed by Congress.

The FDIC is reviewing potential updates to deposit insurance regulations to clarify the eligibility requirements for stablecoin reserve deposits. Key issues under evaluation include liquidity risk management, safeguards against illicit finance, and cybersecurity standards.

In 2020 and 2021, the Office of the Comptroller of the Currency (OCC) determined that national banks could offer several crypto-related services, such as stablecoin custody and issuance, participation as blockchain validation nodes, and accepting deposits related to stablecoins.

The FDIC is now considering whether to further clarify the boundaries for permissible activities in this area or to expand regulatory guidance to cover more use cases.

Tokenized Deposits and Smart Contract Risks

The speech also emphasized the need for clearer regulatory treatment of tokenized real-world assets and liabilities, including tokenized commercial bank deposits. Hill stated that the FDIC believes "a deposit is a deposit, regardless of the technology or record-keeping method used."

However, he expressed concerns about whether counterparties could withdraw funds at face value using smart contracts after a bank failure, as this could increase liquidation costs if there are no safeguards to prevent such outflows.

This concern is driving internal efforts at the FDIC to assess technological solutions to prevent unexpected fund outflows in bank resolution scenarios.

Hill pointed out that the challenge lies in aligning on-chain programmability with traditional regulatory protections designed to ensure the orderly resolution of failed institutions.

These changes at the FDIC mark a formal step toward providing regulatory clarity for banks exploring digital asset infrastructure while emphasizing the need for prudent risk controls and further clarification of permissible activities.

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