FDIC Releases Collection of Cryptocurrency-Related Communications with Banks

The FDIC released a collection of documents regarding communications and interactions between the agency and various banks over efforts by the banks to engage in cryptocurrency-related activities.

The documents include a mix of 175 letters, emails, and agency memoranda discussing proposals by banks to conduct certain types of cryptocurrency-related activities.  In many cases, it appears that the FDIC discouraged, or asked the banks to “pause,” any cryptocurrency related activities while the agency reviewed the bank’s proposals.  Further, the agency often made repeated or voluminous requests for additional information from the banks regarding the proposed activities.  In response, it seems that the banks often withdrew their requests or fully disengaged from cryptocurrency-related business rather than pursue the matter further with the FDIC.

As part of releasing the records, the FDIC indicated that it planned to re-evaluate its approach to cryptocurrency and to develop a pathway for banks to safely engage in cryptocurrency-related business.

The documents were released pursuant to the Freedom of Information Act, and some information—including the identity of the specific banks and other individuals involved in these matters—is redacted.