So, the FDIC finally decides to pull the curtain back on the whole crypto debanking fiasco. Over a hundred documents, folks! You’d think they were writing the Great American Novel.
They dropped this little bombshell on the same day the Senate Banking Committee decides to have a tea party about debanking. Coincidence? I think not. And don’t forget, they had a court date with destiny to get these papers out by Friday. Talk about cutting it close.
This crypto debanking thing, also known as Chokepoint 2.0, has everyone up in arms. The FDIC and the SEC are taking heat from all sides. It’s like a sauna in there.
FDIC’s Travis Hill had a few choice words:
“I’ve ragged on the FDIC’s crypto approach before. Last March, I called them out for basically saying ‘No blockchain for you!’ to anyone who knocked on their door.”
These documents are like a treasure trove of ‘Thanks, but no thanks’ letters to 24 banks who wanted to play in the crypto sandbox. The FDIC was like a moody teenager, giving everyone the silent treatment and then telling them to cool it with the crypto stuff.
The hearings are going to be a real show, but some bigwigs are giving the FDIC a golf clap for spilling the beans. Senator Cynthia Lummis even took to X to say:
“I’m ecstatic the FDIC actually did something right for a change. Kudos to Chairman Hill and the big guy in charge for making government as clear as mud! Say goodbye to Chokepoint 2.0!”
Hill says the FDIC is rethinking its strategy. They’re going to revamp their Financial Institution Letter and maybe, just maybe, play nice with the crypto kids. They’re even buddying up with Trump’s digital assets group to draw up some new rules. Let’s see how that goes.
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2025-02-05 21:32