On February 5, 2025, the FDIC released 175 documents related to its supervision of banks that engaged in, or sought to engage in, crypto-related activities. FDIC Acting Chairman Travis Hill said that the release of the documents reflects the Agency’s commitment to enhance transparency.
The FDIC previously released 25 "pause" letters addressed to 24 institutions interested in crypto- or blockchain-related activities. Recent documents reveal further correspondence with these institutions, as well as additional ones. The findings indicate that requests from banks regarding these activities were generally met with resistance. This resistance included repeated requests for more information, lengthy periods of silence, and directives from supervisors advising banks to pause or limit their crypto- or blockchain initiatives. Collectively, these actions conveyed to banks that progressing in this area would be exceedingly challenging, leading most institutions to discontinue their efforts.
Read the FDIC’s press release here.
The documents released can be accessed here.