The Federal Deposit Insurance Corporation (“FDIC”) recently rescinded a Financial Institution Letter (FIL-16-2022) that established a requirement for FDIC-supervised institutions to notify the FDIC before engaging in crypto-related activities. On March 28, 2025, the FDIC rescinded the Letter and issued new guidance to clarify that prior approval from the FDIC is no longer necessary if banks are engaging in permissible crypto-related activities. The FDIC affirmed that banks may engage in permissible activities, including new and emerging technologies such as crypto-assets and digital assets, provided that they adequately manage the associated risks. The FDIC also emphasized that it expects all FDIC-supervised institutions to conduct activities in a safe and sound manner and in compliance with all applicable laws and regulations.
The FDIC also indicated that it will continue to engage with the President’s Working Group on Digital Asset Markets and plans to issue additional guidance regarding banks ‘engagement in particular crypto-related activities. The FDIC also intends to replace interagency documents related to crypto-assets along with further guidance or regulations.