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02/06 12:22

FDIC Releases Crypto Debanking Documents Ahead of

FDIC Releases Crypto Debanking Documents Ahead of Congressional Hearings

Just ahead of a scheduled congressional hearing on banking practices and financial inclusion, the Federal Deposit Insurance Corporation (FDIC) has released 175 documents related to its supervision of banks that were engaged in or attempted to engage in crypto activities, according to a recent press release.

Banks Stopped Crypto Activity Due to Regulatory Hurdles

Acting FDIC Chairman Travis Hill said releasing these documents would increase transparency. The move also seeks to go beyond Freedom of Information Act (FOIA) requirements. He also noted that the documents show that banks have encountered significant resistance, including repeated requests for additional information, lengthy delays, and directives to suspend or limit their crypto and blockchain activities. These actions have made it extremely difficult for banks to move forward. As a result, the vast majority of banks have simply stopped trying.

 Previously, the FDIC shared 25 “pause” letters sent to 24 institutions exploring blockchain and cryptocurrency. The new documents include more correspondence with these institutions and additional communications with other banks that were not previously listed.

Is this the end of Chokepoint 2.0?

Additionally, Senator Lummis also praised the FDIC for its promptness in releasing the documents. “We are ENDing Chokepoint 2.0,” she exclaimed.

I am thrilled that the FDIC acted quickly and effectively to release these documents. I want to thank Chairman Hill and @POTUS for your commitment to government transparency! We are ENDing Chokepoint 2.0.

The release of the documents comes ahead of scheduled congressional hearings on banking practices and financial inclusion.  The hearing will likely focus on issues related to the FDIC’s past approach to cryptocurrency-related activities and broader issues related to regulatory oversight of financial institutions.

FDIC Revisits Its Approach to Crypto Oversight

The FDIC is revisiting its approach to crypto oversight and aims to allow institutions to engage in crypto and blockchain while ensuring security. In addition, the FDIC looks forward to collaborating with the President’s Digital Asset Markets Task Force, established by executive order on January 23, 2025.

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