The U.S. Federal Deposit Insurance Corporation (FDIC) announced today, March 28, that it is revoking guidelines that required financial institutions to notify the agency before engaging in activities related to cryptocurrencies and digital assets, thus reflecting a significant change in regulatory stance toward the industry.
“The FDIC is repealing FIL-16-2022 and providing new guidance for FDIC-supervised institutions that engage or seek to engage in cryptocurrency-related activities,” announced.
The decision, which marks a major shift from the previous approach, is intended to make it easier for banks to enter the cryptocurrency sector, boosting adoption and innovation in the market.
“This FIL states that FDIC-supervised institutions may engage in permitted activities, including activities involving new and emerging technologies such as cryptoassets and digital assets, as long as they appropriately manage the associated risks. The FDIC expects FDIC-supervised institutions to conduct all activities in a safe and sound manner and consistent with all applicable laws and regulations.”
Bo Hines, CEO of the President’s Council of Digital Asset Advisors, commented on the initiative, highlighting the progress in the sector. “Another big win! The FDIC just dropped its 2022 rule requiring banks to obtain pre-approval before engaging in crypto-related activities. A huge step forward for innovation and adoption!”
Another big win! The FDIC just dropped its 2022 rule requiring banks to get pre-approval before engaging with crypto-related activities. A huge step forward towards innovation and adoption!
https://t.co/EDAGgNuhr9 — Bo Hines (@BoHines) March 28, 2025
The change in the US regulatory stance towards digital assets is seen as a positive sign for the cryptocurrency market, which is seeking greater clarity and legal certainty to attract institutional investment and drive mass adoption. The measure is expected to encourage innovation and competition in the financial sector, benefiting both banks and consumers.