U.S. FDIC Vice Chairman Calls for More Openness to Cryptocurrencies

Federal Deposit Insurance Corporation (FDIC) Vice Chairman Travis Hill said in a speech on Friday that the FDIC will be more “open” to technology and called for more guidance on digital assets. Travis Hill is said to be preparing to serve as acting chairman of the FDIC, and is currently a vice chairman who was nominated to be a Republican member of the FDIC in 2022. Travis Hill's comments come after some in the crypto industry were concerned that the FDIC had asked financial institutions to suspend crypto-related activities.Coinbase, through consulting firm History Associates Inc. sued the FDIC in June and accused the agency of trying to sever ties between the crypto industry and the banking industry. The lawsuit also asked the FDIC to issue a “cease and desist letter”. “I have spoken in the past about the destructive nature of this approach because it stifles innovation and leads the public to believe that the Federal Deposit Insurance Corporation (FDIC) is out of business if an institution is interested in anything related to blockchain or distributed ledger technology,” he said.