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ARTICLE · 21 MAY 2025

Regulators Clear A Path For Banking Crypto

Kane, Russell, Coleman & Logan, P.C.
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On April 24, 2025, the Federal Deposit Insurance Corporation ("FDIC") and the Federal Reserve Board of Governors (the "Board of Governors") issued a notice withdrawing two prior joint statements on "crypto-asset-related activities."

United StatesTechnology
Gordon B. Russell
Gordon B. Russell
Michael Desmond
Michael Desmond
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On April 24, 2025, the Federal Deposit Insurance Corporation ("FDIC") and the Federal Reserve Board of Governors (the "Board of Governors") issued a notice withdrawing two prior joint statements on "crypto-asset-related activities." This is the latest activity from banking regulators in recent months to ease restrictions on how banks can transact in matters relating to cryptocurrencies and other blockchain-related assets.

The regulatory regime supervising bank activities has historically been unfavorable to cryptocurrency. In 2022, the FDIC issued Financial Institution Letter FIL-16-2022 which required that any FDIC-supervised institution engaging or seeking to engage in "crypto-related activities" must first notify the FDIC. In January and February of 2023, the FDIC and the Board of Governors issued two joint statements regarding crypto-related activities and the risks associated with providing banking services to the firms conducting such activities. These joint

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