US EditionFDIC says banks can engage in crypto activities without prior approval
- On March 28, the FDIC issued Financial Institution Letter which provides new guidance allowing FDIC-supervised banks to engage in permissible crypto-related activities without prior agency approval, provided they manage associated risks by safety and soundness standards.
- This announcement rescinds FIL-16-2022, a directive from April 2022 that required banks to notify the FDIC before engaging in digital asset activities, marking a significant policy shift for the agency.
- The decision to reverse course comes after the release of 175 FDIC documents, obtained through a Freedom of Information Act request filed by Coinbase after they sued the FDIC in 2024, revealing alleged efforts by the previous administration to pressure banks into cutting ties with crypto firms, sometimes referred to as 'Operation Chokepoint 2.0'.
- Acting FDIC Chairman Travis Hill stated that "With today's action, the FDIC is turning the page on the flawed approach of the past three years," acknowledging that the agency had previously failed to offer clear public guidance and instead opted for ad hoc interventions, including sending over 20 'pause' letters to banks without formal rulemaking.
- The FDIC indicated it will continue working with the President's Working Group on Digital Asset Markets, with Executive Director Bo Hines calling the decision "a huge step forward toward innovation and adoption," while also coordinating with other regulatory agencies like the SEC to develop clearer guidance and address growing industry pressure for a transparent roadmap for lawful crypto-related services.
47 Articles
47 Articles
FDIC Reverses U.S. Crypto Banking Policy That Demanded Prior Approvals
The Federal Deposit Insurance Corp. will no longer instruct banks to get prior sign-off before they engage in crypto activities — a standard that was set in 2022 and that effectively severed institutions from the digital assets sector as they waited for approvals that never came.The FDIC, which is the chief federal supervisor of thousands of typically smaller banks and runs the banking industry's government backstop, had occupied a significant r…
FDIC Streamlines Path for Banks to Take On Some Crypto Business
Banks supervised by the US Federal Deposit Insurance Corp. no longer need prior approval to engage in crypto-related activities, undoing a Biden-era policy that sought to minimize risks to banks and consumers.
The First Private-Sector Union Embraces Crypto, in a Move That's News to Many Members
Jacob Silverman The crypto industry beguiles IATSE Local 728 as it eyes larger state pension funds. The post The First Private-Sector Union Embraces Crypto, in a Move That’s News to Many Members appeared first on The Nation.
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