The U.S. Government Accountability Office recommends the Federal Deposit Insurance Corporation strengthen cryptocurrency regulatory coordination.

On June 8, the U.S. Government Accountability Office (U.S. GAO) sent a letter to Federal Deposit Insurance Corporation Chairman Travis Hill, recommending the establishment of a coordination mechanism to identify risks in blockchain financial products. The U.S. GAO pointed out that the Federal Deposit Insurance Corporation is the primary regulator of bank-owned stablecoin issuer subsidiaries under the GENIUS Act, and suggested rotating bank case managers to reduce threats to independence. In 2023, the collapse of three crypto industry-related banks raised questions about the actions of regulatory agencies.