FDIC cancels pre-approval requirement for bank cryptocurrency activities

Odaily Planet Daily News: The Federal Deposit Insurance Corporation (FDIC) has released a new policy to cancel the requirement for banks to obtain pre-approval for engaging in cryptocurrency activities set for 2022. Previously, this regulation led to a disconnection between banks and the digital asset industry due to delayed approval. Before the new guidance was introduced, the FDIC head appointed by Trump pushed for a shift towards cryptocurrency friendliness. FDIC Acting Chairman Travis Hill stated that this move marks a new chapter in the wrong strategies of the past three years, and banks can now conduct their own risk assessments before engaging in cryptocurrency business. Similar adjustments have also been seen in OCC's recent revocation of similar restrictions. （ CoinDesk）