The Federal Deposit Insurance Corporation (FDIC) is set to revise its guidelines, allowing U.S. banks to engage with cryptocurrency businesses without prior regulatory permission.
Why Is the FDIC Changing Its Approach?
Acting Chairman Travis Hill revealed that the FDIC is reevaluating its stance on digital assets. Hill acknowledged that past policies created a hostile environment for banks exploring blockchain and cryptocurrency.
Past Restrictions and Legal Battles
For years, banks wanting to work with crypto firms faced bureaucratic resistance. FDIC’s past communications show that bank requests were often met with resistance.
What Does This Mean for Crypto and Banking?
With the FDIC revising its policies, banks may soon be able to offer crypto-related services without needing special approval and form partnerships with blockchain firms without regulatory roadblocks.
With the FDIC's policy change, banks and crypto companies will be able to collaborate more easily, aiding industry growth.
