The Federal Deposit Insurance Corporation of the United States has released 175 regulatory documents related to encryption in banks

According to the official website of FDIC, the Federal Deposit Insurance Corporation (FDIC) of the United States released 175 documents today regarding the regulatory situation of banks involved or attempting to participate in cryptocurrency related businesses. Acting Chairman Travis Hill stated that the FDIC had previously released 25 "suspension" letters received by 24 banks, and the documents released this time include more correspondence between these banks, as well as relevant communication records from other banks. The documents show that banks' requests for encryption services have generally encountered resistance, including regulatory agencies repeatedly requesting additional information, long-term non response, or direct instructions to suspend all encryption and blockchain activities, resulting in most banks ultimately giving up related attempts. Hill stated that the FDIC is reassessing its regulatory approach to cryptocurrency related businesses and plans to replace the 2022 regulatory guidelines (FIL 16-2022) to provide a compliant pathway for banks engaged in cryptocurrency business while ensuring security and robustness. The FDIC will also participate in the presidential working group and cooperate with the discussion on the regulation of the digital asset market in the presidential executive order on January 23.