The Federal Deposit Insurance Corporation released 175 documents related to its supervision of banks that engaged in, or sought to engage in, crypto-related activities, ahead of a court-ordered February 7, 2025 deadline. Acting Chairman Travis Hill said the disclosure is intended to enhance transparency while the agency conducts a comprehensive review of supervisory communications with banks pursuing crypto-related products and services. The release follows an earlier publication of 25 “pause” letters sent to 24 institutions. The newly released materials include additional correspondence with those 24 institutions and correspondence with additional institutions, and depict supervisory interactions that Hill characterized as broadly resistant, including repeated requests for further information, multi-month periods without responses, and directives to pause, suspend, or refrain from expanding crypto- or blockchain-related activity, after which most banks stopped pursuing the initiatives. The FDIC said it is actively reevaluating its supervisory approach to crypto-related activities, including replacing Financial Institution Letter 16-2022 and providing a pathway for institutions to engage in crypto- and blockchain-related activities consistent with safety and soundness principles. It also expects to engage with the President’s Working Group on Digital Asset Markets established by the January 23, 2025 Executive Order.

Original source View in tracker