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The Federal Deposit Insurance Corporation (FDIC) clarified its stance on crypto-related banking activities Friday, drawing praise from industry leaders like Cardano founder Charles Hoskinson. The US banking regulator announced it rescinded FIL-16-2022. This 2022 policy had required FDIC-supervised institutions to first notify the agency before engaging in digital asset services. The FDIC’s new guidance effectively allows these banks to now offer approved crypto-related services without seeking prior agency permission, a change seen as potentially encouraging more institutional participation in the space. Related: Ripple CTO Slams FDIC’s Crypto Roadblocks Amid Coinbase Court Revelations On March 28, the FDIC announced the rescission of FIL-16-2022, a policy issued in April 2022 that required banks under its supervision to notify the agency before engaging in crypto activities. The new guidance confirms that banks may participate in such activities as long as they effectively manage the associated risks. While the prior notification requirement has been removed, banks are still expected to conduct crypto-related operations in a safe and sound manner. They must adhere to regulations concerning market risk, liquidity, cybersecurity, and anti-money laundering compliance. The FDIC emphasized that financial institutions should work closely with their supervisory teams when navigating digital asset services. Related: Senate Votes to Repeal IRS DeFi Crypto Broker Rule in Bipartisan Victory for Industry Notably, the FDIC’s updated approach could reduce friction for banks looking to integrate crypto services and accelerate adoption within the traditional banking sector. Cardano founder Charles Hoskinson echoed this sentiment in his remarks. “This is a major step forward and a big win for crypto,” he said. “Wow! Banks can now touch crypto without groveling for approval? How generous,” said Teddy Paulus, a Bitcoin advocate. Notably, the FDIC’s decision also aligns with broader regulatory easing for crypto businesses. The agency plans to issue further guidance in collaboration with other U.S. financial regulators. In January, the SEC repealed the controversial crypto accounting rule, Staff Accounting Bulletin 121 (SAB 121), replacing it with SAB 122. SAB 121 required financial institutions holding crypto assets for customers to list them as liabilities on their balance sheets, which was criticized for complicating crypto custody and hindering innovation. Related: SEC Loosens SAB 121 Rules, Paving the Way for Banks to Enter Crypto Custody Market Meanwhile, earlier this week, U.S. Senators voted 70-28 to repeal a controversial IRS rule that imposed heavy tax reporting requirements on decentralized finance (DeFi) protocols. The rule would have required DeFi projects to report user transactions like traditional brokers, raising concerns about privacy and feasibility. The resolution now moves to President Trump for approval. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

The Federal Deposit Insurance Corporation has issued new guidance allowing FDIC-supervised institutions to engage in permissible crypto-related activities without prior agency approval. This marks a reversal from previous policies that were seen as restrictive toward banks working with crypto firms. The guidance , released in Financial Institution Letter (FIL-7-2025), rescinds a 2022 directive that required banks to notify the FDIC before engaging in digital asset activities. The FDIC stated that banks may now participate in crypto-related ventures as long as they effectively manage associated risks. The policy shift follows the release of 175 FDIC documents earlier this year, revealing efforts by the previous administration to pressure banks into cutting ties with crypto firms. These documents were made public in response to a Freedom of Information Act request filed by Coinbase , which sued the FDIC in 2024 over alleged unfair practices. “With today’s action, the FDIC is turning the page on the flawed approach of the past three years,” said Acting FDIC Chairman Travis Hill. “I expect this to be one of several steps the FDIC will take to lay out a new approach for how banks can engage in crypto- and blockchain-related activities in accordance with safety and soundness standards.” The records detail instances of the FDIC instructing banks to pause or suspend services to crypto-related businesses, a practice that critics dubbed “Operation Choke Point 2.0.” The agency frequently cited reputational risks and market volatility as reasons for discouraging financial institutions from working with crypto firms. The FDIC indicated it will continue working with the President’s Working Group on Digital Asset Markets and collaborate with other banking agencies to develop clearer guidance on crypto-related activities.

The FDIC issued Financial Institution Letter FIL-7-2025, clarifying that FDIC-supervised banks may engage in permissible crypto-related activities without prior approval, provided they adequately manage associated risks, and rescinding FIL-16-2022 issued in 2022.

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