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Cryptocurrency News Articles
FDIC Removes FIL, Banks to Custody Customer Crypto Soon!
Feb 06, 2025 at 01:03 pm
This move follows the FDIC's announcement that it is actively reevaluating its supervisory approach to crypto-related activities.
The US Federal Deposit Insurance Corporation (FDIC) is reportedly set to allow banks to custody customer cryptocurrencies as the agency shifts its stance to align with the pro-crypto policies of Donald Trump’s administration.
This move follows the FDIC’s announcement that it is actively reevaluating its supervisory approach to crypto-related activities. This includes removing Financial Institution Letter (FIL) 16-2022 and setting a framework for banks to provide custody for customer’s crypto and other blockchain activities in a safe and secure environment.
According to Crypto Commentator, Marty Party, “This information was highlighted in a statement from Acting Chairman Travis Hill, indicating a shift in how the FDIC oversees banks involved in crypto activities.”
The #FDIC (Federal Deposit Insurance Corporation) today has announced that it is actively reevaluating its supervisory approach to crypto-related activities. This includes replacing Financial Institution Letter (FIL) 16-2022 and providing a pathway for institutions to engage in…
— MartyParty (@martypartymusic) February 5, 2025
The FDIC has already removed FIL 16-2022 from its website, a policy that previously restricted banks from participating in any crypto-related activities. This further fuels speculation that the agency is eliminating evidence of politically motivated anti-crypto policies that were prevalent during Joe Biden’s administration.
It is worth mentioning that it was FIL that formed the choke point causing Silvergate and Silcon Valley Banks to shut.
It was only a matter of time before the FDIC changed its stance on crypto, especially with the Securities and Exchange Commission (SEC), now chaired by Paul Atkins, set to introduce regulations that diverges significantly from those under former Chair Gary Gensler, offering crypto businesses a fairer regulatory environment.
Beyond federal policies, several US states are also ramping up their crypto ambitions, with as many as 20 planning to introduce Bitcoin Reserve bills. Trump, a staunch advocate of crypto, aims to position the US as a ‘crypto capital’, reshaping federal agencies’ views on cryptocurrency—FDIC being the latest to join the movement.
Also Read: Trump’s First 200 Executive Orders Include Bitcoin and Crypto, CBDC Ban: Reports
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