According to the report, the Federal Deposit Insurance Corporation (FDIC) is preparing to revise its guidelines to enable banks to operate crypto-related operations.
The regulatory landscape for cryptocurrencies has witnessed a seismic shift in recent months. The newly-elected U.S. president Donald Trump vowed to create crypto-friendly policies, contrasting the stance of the previous government led by Joe Biden.
BREAKING: The FDIC is planning to revise some crypto guidelines, allowing banks to engage in some crypto activities, per Barrons.
This includes potential “tokenized deposits” that could put some checking accounts on blockchains. pic.twitter.com/LMYGRf5UEQ
— The Kobeissi Letter (@KobeissiLetter) February 5, 2025
FDIC Follows in the Footsteps of Other Federal Agencies
With the return of Donald Trump to the White House, federal agencies have been re-evaluating their policies on digital assets. For instance, the Securities and Exchange Commission (SEC), long known for its hostile stance on crypto, has also softened its approach after Gary Gensler stepped from chairman position.
Furthermore, the SEC has also announced the formation of the Crypto Task Force that will help to draw clear regulatory lines, appropriately distinguish securities from non-securities, and craft tailored disclosure frameworks.
Now, the FDIC is following suit. According to a report from Barron’s, the agency is expected to ease restrictions that previously forced banks to obtain explicit regulatory approval before engaging in crypto-related services. But now, the amendments in the guideline would allow financial institutions to integrate crypto into their services without facing regulatory scrutiny.
Bank of America CEO Brian Moynihan recently responded to the growing demand for crypto in the banking sector. He said, “If the rules come in and make it a real thing that you can actually do business with, you’ll find that the banking system will come in hard on the transaction side of it”.
Yesterday, Donald Trump’s crypto and AI czar, David Sacks also passed a bullish statement, saying they are evaluating the feasibility of Bitcoin reserve. He also highlighted the stablecoin’s potential to aid USD to retain its dominance internationally.
Read the full article here
