The U.S. Federal Deposit Insurance Corporation (FDIC) is searching for a new legal counsel who would advise the agency on matters relating to financial technology, including blockchain. The successful applicant would serve as an expert and resource for the FDIC on the blockchain, smart contracts, and related payment systems. In its job posting, the FDIC stated that the position is in its Legal Division’s Financial Technology and Innovation Group.
The applicant would provide assistance with legal issues concerning digital tech.
The applicant would be responsible for providing advice and assistance in connection with legal issues concerning digital technologies. The successful applicant will also serve as FDIC’s recognized subject matter expert and resource in “blockchain, blockchain settlement systems, and distributed ledger development that include smart contracts, utility settlement coins, and, in general, payments systems, and clearing and settlement.” The legal counsel will also provide expert advice on bank customer-facing digital solutions, cloud computing and other cloud-based services, machine learning and artificial intelligence, consumer data privacy laws, and regtech.
The FDIC provides deposit insurance for U.S. banks.
The FDIC is a U.S. government agency that provides deposit insurance for U.S. banks. In March last year, the agency became involved in the digital currency industry when digital currency dealer SFOX announced that it had partnered with New York-based M.Y Safra Bank to offer state-insured bank accounts for traders. The partnership granted SFOX traders FDIC insurance worth up to $250,000, a first in the industry at the time. Several other service providers in the crypto industry have since attained FDIC insurance for their customers’ assets. Coinbase, for instance, holds its customers’ funds in custodial accounts at U.S. banks, which are insured by the FDIC.