FDIC Rescinds Guidance Around Banks and Crypto
- Reference: 0176851625
- News link: https://slashdot.org/story/25/03/28/2252217/fdic-rescinds-guidance-around-banks-and-crypto
- Source link:
> After publishing a general caution against banks participating in the industry just two years ago, the FDIC is the latest Trump administration regulator to change its tune entirely amid the president's warm embrace of crypto. "With today's action, the FDIC is turning the page on the flawed approach of the past three years," FDIC acting chairman Travis Hill said in [2]a statement .
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> The OCC was the first of those regulators to revise their guidance, telling banks it supervises earlier this month that they no longer need permission to engage in certain common cryptocurrency-related activities. The Fed as of Friday had not issued any update, though chair Jerome Powell told lawmakers during a congressional hearing last month that the central bank would take a fresh look at the guidance. The [3]new policy clarifies that "FDIC-supervised institutions may engage in permissible activities, including ... digital assets, provided that they adequately manage the associated risks."
[1] https://www.axios.com/2025/03/28/fdic-crypto-banking-guidance
[2] https://www.fdic.gov/news/press-releases/2025/fdic-clarifies-process-banks-engage-crypto-related-activities
[3] https://www.fdic.gov/news/financial-institution-letters/2025/fdic-clarifies-process-banks-engage-crypto-related#footnote3
Unlash the Grifters! (Score:3, Insightful)
My god this administration is a disaster.
Re: (Score:3)
The cultists think he is doing a great job everything they ever wanted and he was brought to us by Jesus.
But it is not a cult. According to them, anyway. So stop calling it that.
100% political decision (Score:2)
Purely to appease the crypto tech bros, wonder how long till we get to the next coin crash.
Deja Vu! (Score:2)
So, 2028 will be the new 2008?
Re: (Score:2)
no, it's worse. In 2008 the Federal Reserve, chaired by a former Goldman Sachs employee, re-inflated a collapsed financial system bailing out the banks at the expense of the citizenry with $900B. (remember, Trump wants to give the billionaires an $880B annual tax break paid for by dismantling the Government).. . This is the entire global world order for sale via Trump coin.
Re: (Score:3)
> So, 2028 will be the new 2008?
You should be so lucky; more likely 1929.
the sting is at the end (Score:3)
of the paragraph. FDIC coverage is good “provided the bank adequately manages it’s risk”.
Yeah, any bank that loses it’s shirt in a crypto bust is gonna fail that requirement. I doubt the FDIC will hang any mainstreet depositors out to dry because some cryptobro stood up a “bank” and gambled with depositor money. But you can be sure that the cryptobro is gonna get a solid 25-year sentence in the cell right next to SBF.
But it might take years for those depositors to get their money back. Regulatory guardrails are being torn down. Fine. I get it. Let people and companies innovate. But you better choose your friends carefully or you’ll find youself on the next cryptobus that goes over the cliff.
Re: (Score:2)
> But you can be sure that the cryptobro is gonna get a solid 25-year sentence in the cell right next to SBF.
Depends. If SBF can access some of those overseas hidden funds, he should be able to purchase a presidential pardon based on what we're seeing now. With Trump in office, that's the moral of the story. Stash away enough stolen money to buy a get out of
jail free card.
If that bro only rips you and me off (Score:2)
they'll be fine. SBF is in trouble because he screwed with the elites. Same thing with Bernie Madoff & Liz Holmes.
Pay the Tump (Score:2)
This happened because Lord Trumpkin unleashed his own stable coin (coin tied to the USD) [1]https://www.msn.com/en-us/mone... [msn.com]
Now foreign hostiles can pay-to-play directly into Trumps pockets. There's nothing stopping Vladimier Putin from buying $50B in Trump coin with Russian money to get even more of Trumps favor. Get Trump to withhold battlefield intelligence from the Ukraine, turn on NATO, isolate and dismantle 70 year old alliances... it's all for sale.
[1] https://www.msn.com/en-us/money/other/inside-trump-s-world-liberty-financial-usd1-stablecoin-plans/ar-AA1BRKRi
Re: (Score:2)
Yes. We know. Old news. Now he's on to the new grift.
Wait for it... (Score:3)
Step two is a "stablecoin holding requirement" or a similar, demanding banks keep some percentage of their reserves in a national shitcoin.
pitchforks and torches (Score:2)
We're not far from them.
Whew, bullet dodged (Score:2)
> ... provided that they adequately manage the associated risks. The FDIC expects that FDIC-supervised institutions conduct all activities in a safe and sound manner and consistent with all applicable laws and regulations.
Well, as long as the FDIC "expects" banks to be good, I guess they always will. 'Cause that's never gone wrong. Problem solved. Good thing Crypto is super simple and super low-risk. /s :-)
why did Lincoln & JFK get assassinated? (Score:2)
Lincoln for the greenback and JFK for EO-11110
the central bank dont like people getting in the way of their money monopoly [1]https://rumble.com/v3jj4nw-doc... [rumble.com]
[1] https://rumble.com/v3jj4nw-documentary-all-wars-are-bankers-wars.html
y'know... (Score:2)
Maybe it is finally time to buy some gold.
Re: (Score:2)
Not sure if Gold will help. I mean, at this rate canned food will be more valuable.
Re: (Score:2)
> Not sure if Gold will help. I mean, at this rate canned food will be more valuable.
Lately I've been getting a lot of videos in my Facebook feed from some guy who opens up old canned food amongst a bunch of Fallout (the video game) themed kitsch. Spoiler alert: most of it is spoiled.
Unless you're prepping for nuclear winter, the more realistic way to deal with potential food scarcity issues is the way people did during the Great Depression - growing a garden and if possible, keeping small livestock such as chickens and rabbits. Failing that, well, assuming you've seen the movie Demolitio