PANews reported on June 16th, citing Cointelegraph, that the U.S. Government Accountability Office (GAO) sent a letter to Travis Hill, Chairman of the Federal Deposit Insurance Corporation (FDIC), urging the FDIC to coordinate with other federal agencies in addressing the risks of blockchain technology. The GAO stated that blockchain technology has been placed on its "high-risk list" and believes regulators are facing difficulties in overseeing blockchain-based financial products and their potential risks to the U.S. market. The GAO noted that it identified a "lack of sustained coordination mechanism for addressing blockchain risks" among financial regulators as early as 2023, and since then, blockchain-related financial products and services have grown significantly. Establishing a coordination mechanism would help the FDIC and other regulators jointly identify risks and develop timely regulatory responses.

The GAO also urged the FDIC to rotate case managers assigned to banks to strengthen oversight of the industry, stating that in 2024 it found the agency had failed to require supervisors to rotate to different banks, potentially compromising its independence and interfering with regulatory outcomes. The collapses of Silicon Valley Bank, Silvergate Bank, and Signature Bank within a week of FTX's bankruptcy in 2023 raised questions about whether regulators had taken sufficient action.