Is FDIC insurance the key to mass adoption? Let's explore:
looking to backstop contagion in the cryptocurrency industry, but it received a cease-and-desist letter from the FDIC to stop suggesting user funds on the platform were insured.
FDIC insurance refers to the insurance provided by this agency that safeguards customer deposits in the event of bank failures. Cal Evans, managing associate at blockchain legal services firm Gresham International, told Cointelegraph: Speaking to Cointelegraph, Noah Buxton, a partner and practice leader for blockchain and digital assets at consulting firm Armanino, said, “No customer’s crypto holdings are FDIC-insured today,” but added that crypto platforms often hold customers’ dollar balances in financial institutions that are FDIC-insured.
Per Wild, the FDIC doesn’t just insure customer deposits, as it also “conducts constant monitoring of financial institutions for security and compliance with consumer protection requirements.” Wild had a more negative stance, saying it’s “not possible to get FDIC insurance,” as it only covers “deposits held in insured banks and savings associations and protects against losses caused by the bankruptcy of these insured deposit institutions.” Wild added:
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