The Federal Deposit Insurance Corporation (FDIC) released 175 documents on Wednesday that reveal a history of regulatory resistance to crypto-related products and services.
Acting Chairman Travis Hill, who has been openly critical of the FDIC’s stance on cryptocurrency and blockchain, said in a statement that the agency is reassessing its approach.
“Previously, the FDIC released 25 so-called ‘pause’ letters sent to 24 institutions interested in pursuing crypto- or blockchain-related activities,” Hill said.
The documents disclosed internal communications showing that banks were “almost universally” met with extensive requests for further information, prolonged silence from regulators, and, in many cases, outright directives to suspend their crypto-related activities….