FDIC Axes Previous Rule, Gives Green Light to Banks To Conduct ‘Crypto-Related Activities’ Without Prior Approval
The U.S. Federal Deposit Insurance Corporation (FDIC) has just given its member banks the green light to conduct “crypto-related activities” without prior approval.
The federal banking regulator rescinded a previous rule requiring supervised banks to send notifications if they wanted to get involved in digital assets.
Now, the FDIC says its member institutions can conduct crypto activities as long as they “adequately manage the associated risks.”
FDIC Acting Chairman Travis Hill says the change represents the regulator “turning the page on the flawed approach of the past three years.”
“I expect this to be one of several steps the FDIC will take to lay out a new approach for how banks can engage in crypto- and…
