To prepare Senators and their staff for the nomination hearing of Christy Goldsmith Romero to serve as Chair of the Federal Deposit Insurance Corporation (FDIC), The Digital Chamber submitted a formal statement to the Committee, outlining our key conditions for supporting her nomination.
Why This Nomination Matters to Digital Assets
Historically, the FDIC has adopted restrictive policies and a skeptical stance towards digital assets, stifling innovation. Practices such as “Operation Choke Point 2.0” have unfairly targeted our industry, denying access to essential banking services. These discriminatory practices must end to allow for a more supportive environment where digital assets can thrive.
Ms. Goldsmith Romero’s work at the CFTC has demonstrated her willingness to engage with industry stakeholders and address regulatory challenges. We hope her potential leadership at the FDIC would mark a shift towards more transparency and open communication with the digital asset industry. This shift is essential for fostering a thriving digital asset ecosystem and ensuring that the U.S. remains at the forefront of financial innovation.
We’ve encouraged the Senate Banking Committee to consider the following factors in the nomination for FDIC Chair:
- Enhancing Banking Access and Innovation:
- We emphasized the need for the FDIC to evolve its stance and promote policies that allow banks to offer services to crypto firms within a regulated and secure environment.
- It is crucial to end discriminatory practices like Operation Choke Point 2.0, ensuring that all legal businesses can operate freely in the U.S.
- Addressing Insurance for Digital Assets:
- The lack of regulatory clarity has hindered insurance coverage for digital asset platforms, leaving consumer funds vulnerable.
- We urged Ms. Goldsmith Romero to explore and encourage insurance coverage options for digital asset platforms, enhancing consumer protection without relying on federal taxpayer funds.
- Proactively Engaging with the Digital Asset Industry:
- The FDIC must move away from outdated comparisons of digital assets to risky financial products and recognize their potential benefits.
- Ms. Goldsmith Romero’s leadership should involve engaging with the industry to develop frameworks that mitigate risks while encouraging innovation.
Looking Ahead
We are optimistic about the potential leadership of Christy Goldsmith Romero. The Digital Chamber stands ready to serve as a resource to the FDIC and other regulatory bodies, ensuring that the voices of our industry are heard and valued.
For further details, you can read our full letter to the Senate Banking Committee here.