Odaily News According to crypto KOL MartyParty, the U.S. Federal Deposit Insurance Corporation (FDIC) announced today that it is actively re-evaluating its regulatory approach to cryptocurrency-related activities. This includes replacing Financial Institution Letter (FIL) 16-2022 and providing institutions with a path to participate in cryptocurrency and blockchain-related activities while adhering to the principles of security and soundness.
This information was emphasized in a statement from Acting Chairman Travis Hill, indicating a change in the FDIC's supervision of banks involved in cryptocurrency activities. What this means: banks can custody customers' cryptocurrencies and they will be insured by the FDIC. The Biden administration's Choke Point FIL 16-2022 letter has been withdrawn and replaced.
MartyParty commented: The original FIL-16-2022 letter link has been deleted and shows a 404 error. The FDIC is removing all evidence related to its politically motivated policy against cryptocurrency.