CALL FOR A NEW ERA FOR CRYPTOCURRENCIES FROM THE US
US Federal Deposit Insurance Corporation (FDIC) Deputy Chairman Travis Hill stated that practices restricting banks' cryptocurrency activities should be ended and cooperation with blockchain technologies should be increased.
Hill stated that federal institutions have used "cease and desist letters" in the past to prevent banks from expanding their cryptocurrency-related activities, emphasizing that such practices hinder innovation and create the perception that the FDIC is against blockchain technology.
Hill also stated that approaches similar to "Operation Choke Point" should be ended, and called for a review of the implementation of the Bank Secrecy Act. He said that this law creates a high risk of non-compliance fines for banks and increases account closure trends.
The FDIC Deputy Chairman pledged to improve cooperation between the banking sector and crypto technologies, while also emphasizing that a more balanced approach should be adopted to support innovation. These statements are an important message for investors in the cryptocurrency ecosystem and the banking sector.
While it is discussed that regulations should progress in a balanced way with innovation in the cryptocurrency world, Hill's words may be a harbinger of an approach that supports the potential of blockchain technology in the financial sector.
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