FDIC Tells Banks to Stop Direct Crypto Activities, Not Services
Documents released Friday reveal that the FDIC has ordered banks to stop direct crypto ventures, but has not banned crypto companies from offering traditional banking services.
The disclosure comes ahead of Coinbase’s legal campaign to expose what it claims is a coordinated effort to isolate crypto from traditional finance, as well as President-elect Donald Trump’s expected crypto policy shift.
The FDIC’s letter emphasizes increased scrutiny of banks that deal directly with crypto assets, noting that this is different from offering services such as loans or deposit accounts, and that regulators are being careful amid evolving risks in the sector.
