Six major trade associations representing US traditional financial (TradFi) institutions, wrote a letter to White House AI and crypto czar, David Sacks, congratulating the administration on its new approach to digital assets and the creation of the President’s Working Group (PWG) on Digital Asset Markets. However, they want incumbents to be included as well.
Hence, they’ve asked for banking regulators – the Federal Reserve, FDIC and OCC – to rescind or water down various instructions, including those requiring every activity relating to crypto-assets or DLT to go through extensive approval processes.
Additionally, they request that the banking regulators be included in the working group. They said it is “imperative to help the PWG develop a comprehensive digital assets framework for all market participants.”
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