According to The Block, U.S. President Joe Biden nominated Martin Gruenberg, the current acting chairman of the Federal Deposit Insurance Corporation (FDIC), as the head of the bank regulator. Martin Gruenberg has served as the acting chairman since February this year. Preventing crypto companies from misrepresenting their users' assets is backed by FDIC bank account insurance, and he has called for more restrictions on the issuance of stablecoins, suggesting that stablecoins be restricted to permissioned blockchains.