FDIC Approves Crypto Activities for Banks Without Prior Approval

The policy shift allows 4,600 supervised banks to explore digital assets and blockchain, provided risks are effectively managed.

The FDIC has announced that banks under its supervision can now engage in crypto-related activities without prior approval, as long as they manage associated risks.
This marks a significant departure from the restrictive policies on crypto activities that have been in place for the past three years.
The FDIC is collaborating with other regulators, including the President’s Working Group on Digital Asset Markets, to refine and modernize crypto-related guidance.
Banks can now explore permissible crypto services such as digital wallets and blockchain payments, while addressing risks like fraud and market volatility.
Outdated interagency crypto documents will be replaced with updated regulations, setting the stage for further integration of digital assets into traditional banking.