US GAO calls for inter-agency cooperation on crypto risks

The U.S. Government Accountability Office (GAO) has recommended that the Federal Deposit Insurance Corporation (FDIC) establish a cooperative framework for regulating cryptocurrencies and blockchain, Cointelegraph reported. In a letter sent to FDIC Chairman Travis Hill on June 8, the GAO stated that blockchain-based financial products and services have significantly increased and that blockchain technology has been added to its list of high-risk areas. The agency called for the FDIC and other regulators to create a coordination and cooperation mechanism to jointly identify risks and respond in a timely manner.