The Federal Deposit Insurance Corporation (FDIC) in the U.S. has published 790 pages of new documents regarding the provision of cryptocurrency services by banks.
Context and Background
The FDIC has long delayed the requests of banks and other institutions for cryptocurrency services by requiring additional information and sending stop letters.
Documents and Requests
The new documents include information from 24 banks and additional correspondence from other financial institutions requesting permission to offer crypto services. Coinbase filed Freedom of Information Act (FOIA) requests in October 2024 to uncover FDIC's stance on debanking crypto companies as part of Operation Chokepoint 2.0.
Reaction and Next Steps
After the release of the documents, Judge Ana Reyes criticized the FDIC for excessive redactions, stating it showed a lack of good-faith effort. FDIC Acting Chairman Travis Hill noted that the agency is reviewing its regulation of crypto operations, which may signal a significant change in direction.
The FDIC documents shed light on the process of requesting cryptocurrency services by banks and raise questions about future regulatory changes in the U.S.
