Per Woofun AI, the U.S. Government Accountability Office dispatched a formal communication to Federal Deposit Insurance Corporation Chairman Travis Hill on June 8, highlighting the rapid expansion of blockchain-related financial products. The agency classified blockchain technology as high-risk and advocated for a unified coordination mechanism to enable regulators like the FDIC to jointly identify threats and deploy timely responses.

Concurrently, the GAO emphasized the FDIC’s primary oversight role for stablecoin issuers under banks, as mandated by the GENIUS Act passed last year. To safeguard regulatory independence, the office recommended rotating case managers assigned to banking institutions, a measure prompted by concerns over regulatory sufficiency following the collapse of three cryptocurrency-linked banks in 2023.