During congressional hearings on July 11, Christy Goldsmith Romero, a candidate for the post of head of the Federal Deposit Insurance Corporation (FDIC), informed lawmakers about the regulator's position on the provision of digital asset storage services by banks for their clients.
Answering questions from congressmen, Romero said that cryptocurrency is "another business, just like any other." According to the FDIC, it is not the responsibility of the regulator to give or restrict the rights of US banks as to which assets they should keep.
The hearing on Goldsmith Romero's nomination to head the FDIC took place on the same day that Congress failed to override President Joe Biden's veto to repeal an amendment to the Accounting Bulletin (SAB 121).
Earlier, the American cryptocurrency exchange Coinbase filed lawsuits against the U.S. Securities and Exchange Commission (SEC) and the FDIC, where it accused federal regulators of trying to exclude the crypto industry from the banking sector's field of view.