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The Wall Street Journal reported that incoming President Donald Trump’s transition team is exploring plans to alter or potentially eliminate the Federal Deposit Insurance Corporation. According to sources that spoke to the WSJ, Trump’s advisers have questioned candidates for regulatory positions on the feasibility of merging the FDIC with other agencies or absorbing its functions into the Treasury Department. These discussions are part of broader efforts under Trump’s proposed Department of Government Efficiency to shrink federal oversight and streamline financial regulation. According to the WSJ, the talks also extend to merging or restructuring the FDIC, Office of the Comptroller of the Currency, and parts of the Federal Reserve. These moves would require congressional approval and face political and industry resistance. Former FDIC Chair Sheila Bair told the WSJ that banks often rely on their relationships with specific regulators and would likely oppose the disruption of current frameworks. Trump’s campaign and vision align with Republican calls to reduce oversight . The proposed changes primarily aim to streamline regulatory functions and reduce restrictions on financial institutions. You might also like: CrytocoinMiner and Justin Sun: How cloud mining drives crypto success What does this report mean for the crypto industry? The potential downsizing of the FDIC could be a turning point for the crypto sector. It would reduce federal oversight and accelerate the integration of crypto into mainstream finance. Fewer regulatory bodies may lead to a more cohesive framework for crypto exchanges and blockchain projects. BREAKING: President-elect Donald Trump is looking for ways to potentially eliminate top bank regulators including the FDIC, per WSJ. The Department of Government Efficiency, @DOGE , has reportedly asked if the FDIC could be abolished. pic.twitter.com/G4ZPG8vBu9 — The Kobeissi Letter (@KobeissiLetter) December 13, 2024 The assumption with a report like this is that Trump’s broader deregulatory agenda could create an environment with fewer compliance hurdles for the crypto space. As traditional financial institutions face reduced oversight, the crypto industry may seize the opportunity to fill gaps in decentralized finance and blockchain-based solutions. The proposed changes could also influence consumer perceptions of financial security. If public trust in traditional banks wavers due to reduced deposit insurance protections, crypto proponents might highlight blockchain’s transparency and security as viable alternatives. This could spur increased adoption of stablecoins and other digital assets as decentralized hedges against banking risks. You might also like: Velodrome’s VELO soars after Binance listing as a rare pattern forms