Faryar Shirzad, chief policy officer at Coinbase, wrote that Travis Hill, acting chairperson of the Federal Deposit Insurance Corporation (FDIC), deserves credit for his comments on cryptocurrencies and blockchain. He made it clear that the recent revocation of previous approval letters by the FDIC and the Office of the Comptroller of the Currency (OCC) - a move that effectively prevented banks from engaging in cryptocurrency activities - was only a first step. The FDIC is also expected to issue additional guidance so that banks can participate in the digital asset business.
Hill also acknowledged that "U.S. banking regulators effectively prohibit" banks from interacting with public permissionless chains, a policy that needs to be revisited. It's important to remember that these bans are incorporated into the Basel Committee standards, so the FDIC's action should quickly be accompanied by a comprehensive revision of international standards. While much work remains to be done, it's encouraging to see Hill recognize the task ahead.
FDIC Acting Chairperson: FDIC Expected to Issue More Guidance for Banks to Engage in Digital Asset Business
2025-04-09 00:08:11
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