In a grand act of deregulation, the FDIC has cast aside the quaint 2022 rulebook, freeing our esteemed banks from the clutches of pre-approval purgatory before they can dance with the digital devils of crypto. Huzzah, financial institutions may now frolic in the digital asset space with nary a care for permissions that were as elusive as a unicorn in a coal mine.
The FDIC, guardian of the banking realm and occasional instigator of crypto cold shoulders, once played a starring role in the great crypto excommunication saga. A tussle with Coinbase revealed the FDIC whispering sweet nothings of ‘avoidance’ into the eager ears of banks, all while cooking up rules that were as substantial as a ghost’s breakfast.
Under the crypto-friendly gaze of President Trump and his band of merry appointees, the FDIC’s Acting Chairman Travis Hill has decreed that the new guidance is a pivot from the ‘flawed approach’ that held the FDIC in its thrall for three long years. A pivot, one might say, as graceful as a elephant on ice skates.
“Expect this to be but the first waltz in a grand ballroom of steps the FDIC will take,” quoth Hill, “wherein banks may frolic in crypto- and blockchain-related activities, all the while keeping the waltz in time with safety and soundness standards.”
Bo Hines, the czar of the White House’s digital assets advisory council, lauded the FDIC’s bold stride as a “giant leap for bankkind” in a social media missive that surely caused a stir amongst the Twitterati. Once, the FDIC, Federal Reserve, and OCC were a triumvirate demanding pre-approval, as though crypto were a fanged beast to be tamed.
The Office of the Comptroller of the Currency (OCC), not to be outdone, has recently reversed its own 2022 guidance, issued in a time when the digital asset industry was a veritable circus of failures and frauds, with the collapse of FTX as the grand finale. This move is a beacon of hope, or perhaps a siren call, to those who view the digital assets sector with a mix of fear and fascination.
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2025-03-29 08:46