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GAO Recommends Regulators Coordinate Action on Blockchain Risks

GAO urged the FDIC, the OCC and the SEC to implement fully previous recommendations on blockchain technology-related risks and take joint action to coordinate related information and processes.

In separate letters (see here, here and here), GAO encouraged the regulatory agencies to "jointly establish or adapt an existing formal coordination mechanism," in part with the CFPB, the CFTC, the Federal Reserve Board and the National Credit Union Administration, to identify risks posed by blockchain products and services. GAO stated that the mechanism should focus on creating (i) formal planning documents regarding the frequency of meetings, and (ii) processes to detect risks and respond to such risks within an agreed-upon time period.

Primary Sources

  1. GAO Priority Open Recommendations: FDIC
  2. GAO Report: Priority Open Recommendations - FDIC
  3. GAO Priority Open Recommendations: OCC
  4. GAO Report: Priority Open Recommendations - OCC
  5. GAO Priority Open Recommendations: SEC
  6. GAO Report: Priority Open Recommendations - SEC

Tags

Regulated Activities
Regulatory Oversight
Regulated Entities
Regulatory Agencies
Regulated Products
Digital Assets
Body of Law
Banking Law Securities Law
Jurisdiction
US - Federal
Organization
Research Agencies / Think Tanks / Academics