#FDIC Vice Chair Backs Cryptocurrencies#
Hot Topic Overview
Overview
FDIC Vice Chairman Travis Hill recently delivered a speech calling for the agency to adopt a more open approach to cryptocurrencies, criticizing the previous "bottleneck strategy" for hindering innovation. He pointed out that the FDIC's past use of "cease and desist letters" to restrict banks from expanding crypto-related activities has led to the perception that the FDIC is hindering the development of blockchain technology. Hill called for an end to practices like "Operation Choke Point" and a reassessment of the implementation of the Bank Secrecy Act to reduce the phenomenon of banks closing accounts due to high fines for non-compliance. He pledged to improve collaboration with crypto technology and expects the FDIC to take a more "open approach" to the technology, providing more guidance for digital assets.
Ace Hot Topic Analysis
Analysis
FDIC Vice Chairman Travis Hill recently delivered a speech calling for the agency to take a more open approach to cryptocurrencies and criticizing a "bottleneck strategy." He argued that the FDIC's past use of "cease and desist" letters to restrict banks from expanding crypto-related activities has stifled innovation and created the impression that the FDIC is hindering blockchain technology. Hill called for an end to practices like "Operation Choke Point" and a reassessment of the implementation of the Bank Secrecy Act to reduce the phenomenon of banks closing accounts due to high penalties for non-compliance. He pledged to improve collaboration with crypto technology and expects the FDIC to take a more "open approach" to the technology, calling for more guidance on digital assets. Hill's remarks came after some in the crypto industry expressed concerns that the FDIC had asked financial institutions to pause crypto-related activities. His speech suggests that the FDIC may be shifting its stance on cryptocurrencies and could provide more support for the industry.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
The FDIC should take a more open approach to cryptocurrencies and provide more guidance.
In the past, federal agencies have hampered innovation and created the impression that the FDIC is hindering blockchain technology by restricting banks from expanding crypto-related activities.
The FDIC should end practices like “Operation Choke Point” and reassess the implementation of the Bank Secrecy Act to reduce the phenomenon of banks closing accounts due to high fines for non-compliance.
The FDIC should improve its collaboration with crypto technology.