The Federal Deposit Insurance Corporation (FDIC) has made public 790 pages of correspondence concerning banks' requests to provide crypto services, revealing a historically resistant regulatory stance. Acting Chairman Travis Hill noted a reevaluation of supervisory approaches towards crypto-related activities, signaling a substantial shift in the agency’s perspective. The documents, revealed following a Freedom of Information Act request, included responses from 24 banking institutions and highlighted delays and demands for additional information before any permissions could be granted. Additionally, Coinbase's FOIA requests in October 2024 sought information related to a limit on bank deposits from crypto companies. A U.S. court in December 2024 expressed concerns over excessive redactions in documents provided by the FDIC, urging more transparency. Senator Cynthia Lummis responded to these developments by instructing the FDIC to preserve all records linked to digital assets, indicating potential repercussions if evidence destruction is uncovered.

Source 🔗