Banks may “engage in permissible crypto-related activities” without receiving prior approval from the federal bank deposit insurance agency, it said in a financial institution letter (FIL) issued Friday.
The guidance provided by the Federal Deposit Insurance Corp. (FDIC) essentially mirrors that issued by the national bank regulator issued March 10.
In FIL-7-2025, the FDIC said it is clarifying that the banks whose deposits it insures may engage in permissible activities, including those involving “new and emerging technologies” such as crypto-assets and digital assets,” provided that the banks adequately manage the associated risks.
Friday’s FIL rescinds one from three years ago (FIL-16-2022). That letter notified banks that engagement in crypto assets by banks – or the intention to engage in those digital assets – would trigger a notification to the FDIC, which would then review the information and provide supervisory feedback to each institution.
Two years ago, the agency asserted that there was “little consistency” in the definitions associated with many crypto assets and crypto-related activities. It said that – along with rapid changes and expansion of their structure and scope – the inconsistency made it difficult to “categorically identify” the assets and activities.
Now, the FDIC is saying that approach was flawed and that it expects this latest guidance 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.”
FDIC Clarifies Process for Banks to Engage in Crypto-Related Activities