During the DC Blockchain Summit today, FDIC Chair Travis Hill confirmed that the regulator is planning rulemaking around tokenized deposits. Based on his comments, this is likely to happen quite soon.
He said the FDIC is playing catch up because “in the previous administration on tokenized deposits and many other of these issues there was a little bit of a head in the sand approach where people were not really engaging.”
The proposal will be intentionally narrow. “The technology or record keeping that is used with respect to a deposit shouldn’t change the legal status of something as a deposit,” said Hill. “The point being if something satisfies the definition of a deposit under the FDI Act, moving it on chain would not remove that legal status.”
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