FDIC drops crypto pre-approval rule for banks as it ‘turns the page’ on Biden-era policy – DL News
- The FDIC joins the OCC in walking back crypto restrictions.
- Acting Chair Travis Hill said the agency is shifting from past failed policies.
The US Federal Deposit Insurance Corporation has reversed its previous stance requiring banks to seek prior approval before engaging in crypto-related activities.
In a statement released Friday, acting FDIC Chairman Travis Hill said the agency is “turning the page on the flawed approach of the past three years.”
Banks can now engage in legally permissible crypto activities so long as they manage risks appropriately, Hill added, with further guidance expected in the coming months.
The announcement follows a similar directive from the Office of the Comptroller of the Currency, which on Thursday…
