The Federal Deposit Insurance Corporation of the United States publicly released 175 documents related to the regulation of cryptocurrency banks

2025-02-05 21:58:54

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ChainCatcher news, according to the FDIC official website, the Federal Deposit Insurance Corporation (FDIC) released 175 documents today regarding the regulatory status of banks involved in or attempting to engage in crypto-related businesses.

Acting Chairman Travis Hill stated that the FDIC had previously disclosed 25 "cease and desist" letters received by 24 banks, and the documents released this time include more correspondence from these banks, as well as related communications from other banks. The documents show that banks' requests for crypto business generally faced resistance, including repeated demands from regulators for additional information, long periods without response, or direct instructions to suspend all crypto and blockchain activities, leading most banks to ultimately abandon their related attempts.

Hill indicated that the FDIC is re-evaluating its regulatory approach to crypto-related businesses and plans to replace the 2022 regulatory guidance (FIL 16-2022) to provide a compliance pathway for banks engaging in crypto activities while ensuring safety and soundness. The FDIC will also participate in the presidential working group to align with the presidential executive order on January 23 regarding the regulation of the digital asset market.

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