FDIC Plans to Revise Crypto Guidelines, Allowing Banks to Engage in Crypto Activities Including Tokenized Deposits

The Federal Deposit Insurance Corporation (FDIC) is planning to revise its guidelines on cryptocurrency, aiming to allow banks to engage in certain crypto activities. According to reports from Barron's, banks have met with government officials to discuss offering custody of crypto assets and the introduction of 'tokenized deposits,' which could enable some checking accounts to operate on blockchains. The revised guidelines are expected to facilitate banks' involvement with cryptocurrency without the need for prior regulatory approval, supported by the Trump administration.

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