Three banking trade groups have urged the FDIC to confirm in binding rule text that tokenized deposits qualify for deposit insurance, a move aimed less at changing the regulator’s mind than at making the conclusion hard to reverse.
The Bank Policy Institute, The Clearing House Association and the Consumer Bankers Association filed a joint comment letter on 9 June responding to the FDIC’s GENIUS Act notice of proposed rulemaking. The comment addresses only the tokenized deposit provisions, and the groups largely agree with what the FDIC has proposed.
With one exception (see below) the letter states that the associations agree with the FDIC on all points. So if they agree, why bother writing a seven page letter? That agreement is the point. A supportive comment builds the administrative record. The FDIC must respond to significant comments, and reasoned industry support helps insulate the outcome from a later legal challenge or a future change of direction. For a question as consequential as whether tokenized deposits are insured, the banks want it settled in a way that lasts.
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