FDIC acting chair says no crypto firms or tokens are backed by agency

FDIC acting chair says no crypto firms or tokens are backed by agency


Federal Deposit Insurance Corporation acting chair Martin Gruenberg said the agency does not back any crypto firms in the United States, nor does its insurance cover losses from tokens.

In a Nov. 15 hearing of the Senate Banking Committee on the oversight of financial regulators, New Jersey Senator Bob Menendez said lawmakers needed to “take a serious look at crypto exchanges and lending platforms” over risky behavior. Gruenberg responded to Menendez’s questions confirming there were “no cryptocurrency firms backed by the FDIC” and “FDIC insurance does not cover cryptocurrency of any kind.”

FDIC acting chair Martin Gruenberg addressing the Senate Banking Committee on Nov. 15

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FDIC insurance normally protects deposits at financial institutions in the United States in the event of bank failure or under other special circumstances.

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