FDIC Rescinds Rules On Banks Holding Crypto Assets

Axios reports:

The Federal Deposit Insurance Corporation said Friday that banks no longer need to get its prior approval before engaging in crypto-related activities, like holding digital currency assets or partnering with companies in the industry.

After publishing a general caution against banks participating in the industry just two years ago, the FDIC is the latest Trump administration regulator to change its tune entirely amid the president’s warm embrace of crypto.

With today’s action, the FDIC is turning the page on the flawed approach of the past three years,” FDIC acting chairman Travis Hill [photo] said in a statement.

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Reversing previous rules FDIC now says banks can engage in crypto without prior approval – what could possibly go wrong? https://t.co/MXEAFlAKiX

— clearypm (@clearypm) March 28,

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