The flood of bad-faith orders from the Trump regime never ceases

This time, the MAGA grifter and his cronies are putting your bank accounts at risk. By the time they're done, the FDIC will be able to cover no more than 1 percent of our savings.

The Federal Deposit Insurance Corporation (FDIC) has quietly withdrawn its requirement for banks to get prior FDIC approval before investing in cryptocurrencies.

The move, which was announced in a brief press release on Tuesday, could open the door for a wider adoption of digital assets by FDIC-supervised institutions.

The FDIC’s action comes amid increasing interest in cryptocurrencies from lawmakers and regulators. Earlier this year, the President’s Working Group on Financial Markets (PWG) issued a report on stablecoins, a type of cryptocurrency that is pegged to a stable value, such as the U.S. dollar.

The PWG report recommended that Congress pass legislation to regulate stablecoins at the federal level.

The FDIC is expected to issue further guidance in the future to provide additional clarity regarding banks’ engagement in particular crypto-related activities.

The FDIC insures deposits in U.S. banks and savings associations. Deposits are guaranteed up to $250,000 per depositor, per insured bank, for the types of deposits that are covered by FDIC insurance.

As of December 2022, the FDIC had about $103.8 billion in assets and $9.9 billion in liabilities, according to the agency’s latest financial statements.

The value of U.S. bank savings accounts totals $10.7 trillion.output: As of December 2022, the Federal Deposit Insurance Corporation (FDIC) had about $103.8 billion in assets and $9.9 billion in liabilities, according to the agency’s latest financial statements.

The FDIC insures deposits in U.S. banks and savings associations. Deposits are guaranteed up to $250,000 per depositor, per insured bank, for the types of deposits that are covered by FDIC insurance.

The FDIC’s action comes amid increasing interest in cryptocurrencies from lawmakers and regulators. Earlier this year, the President’s Working Group on Financial Markets (PWG) issued a report on stablecoins, a type of cryptocurrency that is pegged to a stable value, such as the U.S. dollar.

The PWG report recommended that Congress pass legislation to regulate stablecoins at the federal level.

The FDIC will continue to engage with the President’s Working Group on Digital Asset Markets and expects to issue further guidance in the future to provide additional clarity regarding banks’ engagement in particular crypto-related activities.

The new guidance, which rescinds FIL-16-2022, clarifies that FDIC-supervised institutions may engage in permissible crypto-related activities without receiving prior FDIC approval.

The FDIC provides deposit insurance and supervises banks to maintain stability in the U.S. banking system and to protect the credit unions and institutions that serve the nation’s communities.

The agency is also a member of the Financial Stability Board, which monitors and heads off threats to the stability of the global financial system.

The FDIC was created in 1933 by President Franklin D. Roosevelt in response to the bank failures of the Great Depression. The agency began operations in 1934.

The FDIC’s actions are likely to be welcomed by the crypto industry, which has been lobbying for greater clarity from regulators on the rules governing digital assets.

The move could also pave the way for a wider adoption of crypto by banks and other financial institutions.

However, some consumer groups have expressed concern that the FDIC’s actions could put the personal bank accounts of everyday Americans at risk.

The consumer groups argue that the FDIC’s resources are limited and that it would not be able to cover all losses if there is a major failure in the crypto market.

They also note that many Americans are already struggling to make ends meet and that any losses on their savings could have a devastating impact on their lives.

The FDIC said in its press release that it will continue to monitor the safety and soundness of the institutions it supervises, and that it will take appropriate action to protect the personal bank accounts of consumers.

It remains to be seen how the FDIC’s actions will affect the adoption of crypto by banks and other financial institutions.

The agency’s actions could also have implications for the broader economy, as consumer spending is a major driver of economic growth.

The consumer groups have urged the FDIC to reconsider its decision and to focus on its primary mission of protecting the personal bank accounts of everyday Americans.