PANews reported on November 14th, citing Bloomberg, that the head of the Federal Deposit Insurance Corporation (FDIC) stated that the agency is developing guidelines for tokenized deposit insurance to help financial institutions expand their digital asset business. Acting Chairman Travis Hill stated that the shift of deposits from the traditional financial world to the blockchain or distributed ledger world should not change their legal nature. Hill made these remarks at a time when a debate was raging over how fintech companies not directly insured by the FDIC should fully compensate consumers if their funds are lost. Many fintech companies partner with FDIC-insured banks to offer products covered by "look-through deposit insurance," but this protection can be challenged if the third party goes bankrupt, failing to effectively safeguard consumer rights. The U.S. government's deposit insurance fund is a cornerstone of the financial system, designed to protect depositors in the event of bank failure.PANews reported on November 14th, citing Bloomberg, that the head of the Federal Deposit Insurance Corporation (FDIC) stated that the agency is developing guidelines for tokenized deposit insurance to help financial institutions expand their digital asset business. Acting Chairman Travis Hill stated that the shift of deposits from the traditional financial world to the blockchain or distributed ledger world should not change their legal nature. Hill made these remarks at a time when a debate was raging over how fintech companies not directly insured by the FDIC should fully compensate consumers if their funds are lost. Many fintech companies partner with FDIC-insured banks to offer products covered by "look-through deposit insurance," but this protection can be challenged if the third party goes bankrupt, failing to effectively safeguard consumer rights. The U.S. government's deposit insurance fund is a cornerstone of the financial system, designed to protect depositors in the event of bank failure.
The Federal Deposit Insurance Corporation (FDIC) is developing guidelines for tokenized deposit insurance.
PANews reported on November 14th, citing Bloomberg, that the head of the Federal Deposit Insurance Corporation (FDIC) stated that the agency is developing guidelines for tokenized deposit insurance to help financial institutions expand their digital asset business. Acting Chairman Travis Hill stated that the shift of deposits from the traditional financial world to the blockchain or distributed ledger world should not change their legal nature.
Hill made these remarks at a time when a debate was raging over how fintech companies not directly insured by the FDIC should fully compensate consumers if their funds are lost. Many fintech companies partner with FDIC-insured banks to offer products covered by "look-through deposit insurance," but this protection can be challenged if the third party goes bankrupt, failing to effectively safeguard consumer rights. The U.S. government's deposit insurance fund is a cornerstone of the financial system, designed to protect depositors in the event of bank failure.
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