The US Federal Deposit Insurance Authority (FDIC) is working on new instructions that will allow banks in the country to manage crypto currencies and offer tokenized deposits without pre -regulatory approval. This decision represents a significant change in the US banking policies, while revealing the increasing support of Trump administration for crypto beings.
FDIC reshapes crypto currency arrangements
The decision to change FDIC’s regulations on crypto assets is considered as part of the process of reviewing past regulatory policies. FDIC Vice President Travis Hill, said in a session in the Senate, despite the fact that banks wanted to enter the crypto sector, they faced excessive control and delays.
Hill, in his statements, said that the demands of banks to expand their activities related to crypto or blockchains are generally met with intensive inspection and additional information requests. FDIC also presented documents including past correspondence between banks and regulatory institutions. These documents were shared by the court order as a result of a lawsuit filed by Coinbase.
Senate examines policies that prevent banks from working with crypto companies.
The US Senate Banking Committee organized a session to investigate whether regulatory institutions have put pressure on banks to avoid working with crypto companies. Speaking at the session, Nathan McCauley, CEO of Anchorage Digital, said that large banks wanted to enter the crypto industry, but they were afraid of it because of regulatory pressures. “All large banks wanted to work with crypto, but they retreated because of regulatory structures.” He said. Senator Elizabeth Warren emphasized that legal enterprises should not be excluded from the banking system and stated that financial institutions should provide fair service.
With FDIC’s removal of regulatory barriers, US banks are expected to show more interest in the crypto asset sector. Bank of America CEO Brian Moynihan said that if there are clear and clear arrangements, banks will strongly enter the crypto sector. Within the scope of the new directives, banks will be able to offer tokenized deposits with digitalized versions of Fiat currencies. This innovation can modernize the traditional banking system to enable faster and more efficient transactions to be carried out.
The future of crypto banking in the USA
The policy change of the FDIC will enable banks to provide more services for crypto assets, while at the same time maintaining security standards. This move, which is also compatible with the general policy of the Trump administration towards crypto assets, is considered as part of a wider strategy for loosening the restrictions on crypto. In the coming period, the US House of Representatives Financial Services Committee on February 11, “Crypto Assets Golden Age: forward road map” in the session, how to integrate the crypto sector more safely will be discussed.
