TechFlow reported, citing CryptoSlate, that Travis Hill, Acting Chairman of the U.S. Federal Deposit Insurance Corporation (FDIC), delivered a speech in St. Louis on January 10 openly acknowledging and criticizing the agency's "debanking" actions toward cryptocurrency firms.
Hill emphasized that the FDIC's mission is to reduce the number of unbanked individuals, not to deny banking services to legitimate customers. He criticized the FDIC's current overly cautious stance on cryptocurrencies for stifling innovation, revealing that the agency had previously sent "pause letters" to more than 20 banks, instructing them to halt crypto-related activities. Hill called for a reset of the agency’s digital asset strategy and advocated for providing clear and transparent compliance guidance.
