The Federal Deposit Insurance Corporation (FDIC) released a significant collection of documents detailing how it regulated banks' engagement with the crypto industry. Acting chairman Travis Hill stated that the release aimed to enhance transparency in light of legislative scrutiny regarding a plot termed 'Operation Chokepoint 2.0.' The documents included correspondence indicating that banks faced considerable pressure not to engage with crypto companies. Some letters revealed attempts by banks to close accounts for entities often linked to crypto despite the FDIC asserting that it did not explicitly prohibit banking services for any customers, including crypto firms. Furthermore, concerns were raised about a bank's hesitance to provide services to a stablecoin issuer, underscoring the influence of perceived 'reputation risk' associated with cryptocurrencies. While the FDIC has been at the center of the debate, the Federal Reserve has expressed support for banks serving crypto clients provided they manage the risks involved. Hill indicated that more documents may be disclosed as the agency reevaluates its supervisory stance toward crypto activities.

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