US regulators FDIC and CFTC ease crypto restrictions for banks, derivatives

The Federal Deposit Insurance Corporation (FDIC) said in a March 28 letter that institutions under its oversight, including banks, can now engage in crypto-related activities without prior approval. The announcement comes as the Commodity Futures Trading Commission (CFTC) announced that digital asset derivatives wouldn’t be treated differently than any other derivatives. The FDIC letter rescinds a previous instruction under former US President Joe Biden’s administration that required institutions to notify the agency before engaging in crypto-related activities. According to the FDIC’s definition:”Crypto-related activities include, but are not limited to, acting as crypto-asset custodians; maintaining stablecoin reserves; issuing crypto and other digital assets; acting as market makers or exchange or redemption agents; participating in blockchain- and distributed ledger-based settlement or payment systems, including performing node functions; as well as related activities such as finder activities and lending source: https://cointelegraph.com/news/us-regulators-fdic-cftc-ease-crypto-restrictions-banks-derivatives?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound