The FDIC Announces Policy Shift on Crypto Activities
The FDIC announced that banks can engage in legally permitted crypto activities without prior regulatory approval, reversing previous policy, Reuters reported on Friday. This move follows a similar decision by the Office of the Comptroller of the Currency.
“The FDIC is turning the page on the flawed approach of the past three years,” acting FDIC Chairman Travis Hill explained in the Reuters’ report.
Industry leaders have welcomed the change, anticipating a surge in institutional crypto offerings, from custody solutions to blockchain-based transactions, which could further legitimize the asset class.
