Overview
- The GAO sent a June 8 letter that was made public June 15–16 pressing the FDIC to implement a standing coordination process for blockchain risks and to treat a 2023 recommendation as still open.
- The office said federal oversight remains fragmented because multiple agencies — including the FDIC, Federal Reserve, OCC, SEC, CFTC, NCUA, and CFPB — can have jurisdiction over the same blockchain products.
- The FDIC’s remit is expanding through proposed stablecoin rules and earlier policy changes such as FIL-7-2025, the March 28, 2025 directive that removed prior-notification requirements for banks entering crypto activities.
- The GAO also urged the FDIC to tighten bank supervision and to rotate case managers, citing questions raised by the 2023 failures of banks with crypto and tech exposures.
- Because the GAO cannot force action, its repeated warnings mainly raise political and reputational pressure that could push Congress and regulators to formalize coordination under bills like the GENIUS and CLARITY proposals.