TechFlow news, according to the FDIC website, the U.S. Federal Deposit Insurance Corporation (FDIC) released 175 cryptocurrency regulatory documents on February 5, involving records of its oversight of banks' cryptocurrency-related activities.
Acting Chair Travis Hill acknowledged that the FDIC had previously taken a generally negative stance toward banks engaging in crypto activities, including repeatedly requesting additional information, significantly delaying responses, or directly requiring suspension of such activities, causing most banks to abandon their efforts.
Hill stated that the FDIC is re-evaluating its regulatory approach and plans to revise the 2022 regulatory guidance (FIL-16-2022) to establish compliant pathways for banks to conduct cryptocurrency-related business. Meanwhile, the FDIC will participate in discussions with the digital asset regulatory working group established under the presidential executive order issued on January 23.
