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ARTICLE · 04 APRIL 2025

FDIC Rescinds Prior Notification Requirement For Banks' Permissible Crypto Activities

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The FDIC has rescinded an earlier Financial Institution Letter establishing a prior notification requirement for FDIC-supervised institutions...

United StatesTechnology
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Nathan Brownback
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Abradat Kamalpour
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Mary Alexander Myers
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Laura S. Pruitt
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Mark W. Rasmussen
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The FDIC has rescinded an earlier Financial Institution Letter establishing a prior notification requirement for FDIC-supervised institutions that wish to engage in specified crypto-related activities and has clarified that such institutions may engage in permissible crypto-related activities without receiving prior FDIC approval.

Following the OCC's recent move to ease some restrictions on bank digital asset activities, the FDIC's latest Financial Institution Letter (FIL-7-2025) ("FIL") rescinds the prior notification requirement that the FDIC had established in a previous letter (FIL-16-2022). The FIL also indicates that the FDIC will work with other agencies, including the Office of the Comptroller of the Currency ("OCC"), to replace 2023 joint statements in which the agencies indicated that crypto-related activities—even permissible ones—were unlikely to be consistent with bank safety and soundness.

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