FDIC asked for crypto ‘pause,’ not debanking, unredacted letters show
The Federal Deposit Insurance Corp. told banks to pause crypto-related activity in 2022 and 2023 but did not expressly order them to stop providing banking services to crypto firms, documents released Friday show.
Previously redacted letters, along with two newly released letters, do not appear to support claims from the crypto industry that the FDIC ordered financial institutions to “de-bank” crypto firms. They do, however, show that the regulator discouraged banks from offering services on public blockchain networks, and requested at least one bank refrain from implementing a new crypto-related product while the FDIC “consider[s] this crypto asset-related…
