According to Odaily, the U.S. Federal Deposit Insurance Corporation (FDIC) has released 175 documents outlining its regulatory stance on banks engaging in cryptocurrency-related activities. Acting Chairman Travis Hill described this move as part of a broader effort to enhance transparency. Hill acknowledged previous criticisms of the FDIC's position, which he believed hindered banks from exploring blockchain and digital assets. He stated, "I have criticized the FDIC's attitude towards crypto assets and blockchain. As I mentioned in March last year, the FDIC's approach 'has led to a widespread belief that if institutions are interested in anything related to blockchain or distributed ledger technology, they cannot conduct business.'"
Upon assuming his role, Hill reviewed all regulatory communications concerning crypto banking. He explained the timing of the document release, saying, "After becoming Acting Chairman, I directed staff to conduct a comprehensive review of all regulatory communications with banks attempting to offer crypto-related products or services."
Previously, the FDIC issued 25 'pause' letters to 24 institutions intending to engage in crypto or blockchain-related activities.