10M
...
The Federal Deposit Insurance Corporation has issued new guidelines allowing FDIC-supervised banks to engage in cryptocurrency-related activities without prior agency approval. Published as Financial Institution Letter FIL-7-2025 this move rescinds the previous FIL-16-2022 and is seen as a significant shift in policy by the agency. Banks are now encouraged to explore crypto services provided they adhere to safety and soundness standards.
Acting Chairman Travis Hill highlighted the departure from past restrictive measures stating the agency is ready to embrace a more innovation-friendly approach. According to Hill this policy update is expected to be the first in a series of steps to redefine how banks interact with blockchain and crypto technologies ensuring they comply with established safety protocols.
This policy revision aligns the FDIC with other regulatory bodies working towards integrating digital assets into the financial system more seamlessly. Bo Hines the Executive Director of the Presidential Working Group on Digital Assets Markets described the announcement as a monumental leap towards fostering innovation and broader adoption of blockchain technologies in banking.
