US banks move to lock in deposit insurance for tokenized deposits
Three banking trade groups have urged the FDIC to confirm in binding rule text that tokenized deposits qualify for deposit insurance, a move aimed less at changing the regulator’s mind than at making the conclusion hard to reverse.
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The Bank Policy Institute, Clearing House Association and Consumer Bankers Association's June 9 letter urges the FDIC to codify in its GENIUS Act rule that insurance coverage is technology-neutral, insulating tokenized deposits from future reversals.
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