The Federal Deposit Insurance Corporation (FDIC) made public 175 documents concerning its oversight of banks involved in crypto-related activities. Acting Chairman Travis Hill addressed the release with a statement, noting his previous criticism of the FDIC's stance on crypto assets and blockchain. He remarked that the agency's approach had led to perceptions that it was unwelcoming to institutions interested in blockchain or distributed ledger technology.
Hill said, "Upon becoming Acting Chairman, I directed staff to conduct a comprehensive review of all supervisory communications with banks that sought to offer crypto-related products or services." The document release precedes a court-ordered deadline and aims to enhance transparency beyond Freedom of Information Act (FOIA) requirements.
The newly released documents include additional correspondence with 24 institutions previously issued 'pause' letters and communications with other banks. Hill noted these interactions often resulted in resistance from the FDIC, including requests for more information and delays in responses. This led many banks to cease pursuing crypto-related activities.
Looking ahead, Hill mentioned efforts to reevaluate the FDIC's supervisory approach, including replacing Financial Institution Letter (FIL) 16-2022 and collaborating with the President’s Working Group on Digital Asset Markets.
