The Federal Deposit Insurance Corporation (FDIC) has announced that banks no longer need prior approval to engage in cryptocurrency-related activities, provided they adequately manage associated risks.
This policy shift rescinds the previous guidance from April 2022, which required FDIC-supervised institutions to obtain approval before engaging in crypto-related activities.
Acting FDIC Chairman Travis Hill stated that this change aims to correct the “flawed approach of the past three years” and anticipates further steps to outline how banks can engage in crypto and blockchain activities while maintaining safety and soundness standards.
The FDIC’s move aligns with similar actions by other regulatory bodies, such as the Office of the Comptroller of the Currency (OCC), which has also revised guidelines to facilitate bank involvement in the crypto sector. These changes reflect a broader shift towards integrating cryptocurrency activities within the traditional banking system under appropriate risk management frameworks.
AD:
Use the code BILLBURTON at check out to Get 5% off Bitaxe Mining ProductsLimited to one use per customer: https://tinychiphub.com/BILLBURTON
BitcoinVersus.Tech Editor’s Note:
We volunteer daily to ensure the credibility of the information on this platform is Verifiably True. If you would like to support to help further secure the integrity of our research initiatives, please donate here
BitcoinVersus.tech is not a financial advisor. This media platform reports on financial subjects purely for informational purposes.
Bitcoin Versus 
Leave a comment