According to market sources, an internal memo indicates that Martin Gruenberg, the head of the Federal Deposit Insurance Corporation (FDIC), will retire in January 2025. Martin Gruenberg has previously described cryptocurrencies as a risk to the banking industry, requiring institutions to consider the risks posed by cryptocurrencies and "determine the extent to which banking organizations can safely engage in crypto-asset-related activities," and has called for more restrictions on the issuance of stablecoins, suggesting that stablecoins be limited to licensed blockchains.