The FDIC announced a significant regulatory shift, allowing banks under its supervision to engage in bitcoin and cryptocurrency activities without prior approval. This change reverses a policy established during the Biden administration that had required clearance for banks to handle crypto assets. The FDIC's new guidance enables banks to pursue opportunities in the cryptocurrency space more freely, provided they effectively manage associated risks. The agency's Acting Chairman, Travis Hill, indicated this move is part of a broader strategy to create a more crypto-friendly approach while ensuring the security of the financial system.
The FDIC has issued new guidance allowing banks to engage in bitcoin and crypto activities without pre-approval, marking a shift from prior restrictions.
By removing previous red tape, the FDIC enables banks to experiment with crypto services, emphasizing risk management while seeking interagency coordination.
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