FDIC Official Urges Regulators to Be More Proactive on Blockchain Technology

According to Bloomberg, FDIC official Bobby Hitt has called for regulators to adopt a more proactive approach to blockchain technology, stating that the current stance is hindering innovation. Hitt, the agency's second-highest-ranking person, emphasized the importance of providing clarity on what is permissible and considered safe and sound in the rapidly evolving technology sector. Last year, top US bank regulators issued a warning to lenders about the risks associated with delving into crypto. The FDIC, in conjunction with other regulatory bodies, has been cautious in its approach to the technology. Hitt urged regulators to differentiate between crypto and tokenization, which involves creating digital representations of physical assets often using blockchain technology. Hitt also criticized the lack of public information on the types of activities the FDIC might be open to, due to the confidential nature of the existing process. Additionally, he expressed concerns about the SEC guidance, known as the Howey Test, which determines whether a digital asset is a security. Hitt believes the guidance is outdated and not suitable for the current digital asset landscape.

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