On February 5, 2025, the FDIC released documentation related to its supervision of banks engaged in or wanting to engage in crypto-related activities. Acting Chairman Travis Hill pointed out that the FDIC’s approach to date has very much given the perception that the FDIC was closed for business if institutions are interested in anything related to blockchain or distributed ledger technology.
This document release along with the FDIC’s acknowledgment it will begin reevaluating its supervisory approach to crypto-related assets signals that the Trump administration will be more open to this and move away from debanking practices of the past.
While institutions themselves getting involved in crypto is one thing, they still have BSA/AML responsibilities related to their customers involved in crypto. And the BSA/AML rules have not changed.
We recently hosted a webinar, “BSA/AML: Crypto/Virtual Currency”, which will help you have a better understanding of the crypto industry and well as the related risks. One question we received during the webinar was:
With the Trump administration shifting gears on cryptocurrency, what do you think that has in store for our industry?
Hear Kevin’s answer in the video:
Published
2025/02/11
