The Federal Deposit Insurance Corporation (FDIC) has allowed supervised financial institutions to engage in “crypto-related activities” without needing prior approval from the agency.
The list of activities permitted by default includes providing custodian services, maintaining stablecoin reserves, issuing cryptocurrencies and other digital assets, market-making, participating in blockchain-based payment systems, and lending.
Previously, those interested were required to notify the agency of their intentions and provide information necessary for assessing the risks associated with cryptocurrency use.
The FDIC’s change in approach follows statements by U.S. President Donald Trump about the end of debanking for the American crypto industry.
In 2023, FDIC experts noted the growing interest of clients in such areas, but pointed out issues of fraud and legal uncertainties, as well as imperfect risk management methods and platform vulnerabilities.
Back in March, Reuters highlighted the increased interest of fintech and crypto firms in obtaining banking licenses.