FDIC removes pre-screening requirement for banks’ crypto activities

Odaily News The Federal Deposit Insurance Corporation (FDIC) has issued a new policy that will remove the requirement set in 2022 that banks must obtain prior approval for crypto activities. Previously, the rule caused banks to be disconnected from the digital asset industry due to delays in approval. Before the new guidance was issued, the head of the FDIC appointed by Trump pushed for a crypto-friendly shift. FDIC Acting Chairman Travis Hill said the move opened a new chapter in the wrong strategies of the past three years, and banks can now conduct crypto business after assessing the risks themselves. Similar adjustments were also seen in the OCC's recent removal of similar restrictions. (CoinDesk)