The Federal Deposit Insurance Corporation (FDIC) has released 175 documents showing how banks seeking crypto initiatives faced various hurdles.
FDIC's New Document Release
The corporation released the documents ahead of a Senate Banking Committee hearing where FDIC's leadership will have to answer for their actions. These documents include internal communications and highlight significant issues in communication between banks and the FDIC.
FDIC's Response and Plans
Acting FDIC Chairman Travis Hill stated that the organization is working on changing its approach. A new framework will be developed to allow banks to participate in the digital economy.
Elizabeth Warren's and White House Reaction
Senator Elizabeth Warren urged President Donald Trump to take action against 'debanking'. She cited thousands of consumer complaints, supporting the need for change in the banking system.
While FDIC plans changes, questions about the future of crypto banking remain open. The Senate and the White House continue to offer their proposals for improvement.
