The head of the Federal Deposit Insurance Corp. said the regulator is working on guidance for tokenized deposit insurance, a move that would help steer financial institutions that want to broaden their footprint in digital assets.
“My view for a long time has been that a deposit is a deposit,” said acting Chair Travis Hill in response to questions at a Federal Reserve Bank of Philadelphia conference. “Moving a deposit from a traditional-finance world to a blockchain or distributed-ledger world shouldn’t change the legal nature of it.”
Travis Hill
Photographer: Eric Lee/Bloomberg
A tokenized deposit is often a digital coin that represents a deposit ...
