Federal Reserve, FDIC Pull Statements on Crypto (wsj.com)
- Reference: 0177138177
- News link: https://news.slashdot.org/story/25/04/25/1443253/federal-reserve-fdic-pull-statements-on-crypto
- Source link: https://www.wsj.com/articles/federal-reserve-fdic-pull-statements-on-crypto-1f2cad55
> Two joint statements from 2023 on liquidity and other risks regarding banks' crypto-related activities were [2]pulled on Thursday , the FDIC said. The move aims to clarify that banking organizations may engage in crypto activities so long as they are consistent with current laws and regulations. Banks may also provide products and services to people and firms engaged in crypto-related activities, the FDIC said. Providing more clarity on banks' crypto activities in the coming weeks and months is being considered, the agencies said.
[1] https://www.wsj.com/articles/federal-reserve-fdic-pull-statements-on-crypto-1f2cad55
[2] https://www.fdic.gov/news/press-releases/2025/agencies-withdraw-joint-statements-crypto-assets
Now Everyone Can Support Terrorism (Score:1)
Crypto is, without a doubt, the currency of anonymity because it's done for nothing but bad actions by bad actors.
Code is not a good basis for a currency. Anyone who thinks so is a goddamn fool. Imagine waking up tomorrow and finding out all your assets are worthless because the coin crashed.
But I guess when everyone has crypto access the hackers will have more incentive to do what they do. This is just going to fuck everyone over.
It's open season on seniors (Score:3)
If you've got elderly parents or just elderly friends given the age bracket of this forum then you need to keep an eye on what they're doing in their finances. Because for at a minimum the next 4 years it's open season for grifters and they can hunt whatever they like with absolutely no oversight or consequences.
Millions and millions of seniors are going to have their savings wiped out and when they do they're going to have to hit up their kids for money.
Re: (Score:2)
My father got swindled early in his Alzheimer state. Loss of critical judgement is a common symptom.
How long before the taxpayers have to pay? (Score:3)
We all know where this is going. Some bank, somewhere, will slice and dice crypto "products" just like they did with mortgages, then sell this to their customers. In time, this will ripple through the banking system and when volatility hits the crypto gambling market, the taxpayers will be on the hook to bail out the banks from their incompetence. Again.
Re: (Score:3)
I say you keep it like it is now:
these are unsecured. they're not fdic insured. if you lose it, you're fucked.
I bet most people would skip using if it they knew it had zero protection and was like keeping cash in your house; once it's gone, it's gone.
Re: (Score:2)
FDIC is already so weak it can't handle a medium sized crisis. Musk gave up after huge push back to kill the FDIC, instead they are moving to ruin it and take that already inadequate system to pump up crypto some more while nearly functionally killing off the FDIC from serving it's purpose in all but the smallest... hardly even "crisis" sized problems.
One of the the statements in question (Score:2)
[1]https://www.fdic.gov/analysis/... [fdic.gov]
Pretty telling they would pull this considering it's pretty cut and dry and they provide evidence that this was needed; Since 2022, the FDIC has taken action against more than 85 entities that were misrepresenting the nature, extent, or availability of deposit insurance. In some instances, these firms had made misleading claims in connection with crypto-assets.124 For example, on August 19, 2022, the FDIC issued letters to five companies that had made false representations s
[1] https://www.fdic.gov/analysis/risk-review/2023-risk-review/2023-risk-review-section-6.pdf
Yay (Score:1)
As a former FDIC employee/contractor who was pushing for this back in 2013, it's about fucking time.
Re: (Score:3, Insightful)
As someone who is concerned for how crypto is allowing terrorism funding and avoiding sanctions; this is just making America the funding source for terrorism.
We already have one fiat currency...let's not replace it with one that's even more janky.