GAO Urges FDIC to Rotate Examiners and Accelerate Response to Blockchain Risks

The March 2023 failures of Silicon Valley Bank, which had $209 billion in assets, and Signature Bank, with $110.4 billion, exposed delays in strengthening US bank supervision. The US Government Accountability Office made the Federal Deposit Insurance Corporation’s supervisory independence and coordination on blockchain risks reform priorities, aiming to prevent long-term examiner assignments from leading to regulatory capture.

The GAO sent a letter to FDIC Chairman Travis Hill on June 8, 2026, and released it publicly on June 15, saying two priority recommendations—examiner rotation and blockchain coordination—remained incomplete. The FDIC said in March that there had been no new progress on rotation. Although the interagency Digital Asset Working Group has met regularly since 2024, the GAO still called for procedures to address risks spanning multiple jurisdictions, a clear timetable and assessment results.