Ripple CTO criticizes FDIC's actions against crypto industry

New documents show that in 2022, the U.S. Federal Deposit Insurance Corporation (FDIC) recommended that banks suspend cryptocurrency-related activities, citing unresolved regulatory risks. Coinbase's investigation into these actions found more than 20 cases in which the FDIC prevented financial institutions from providing services to the cryptocurrency industry. In response to the FDIC's position, Ripple CTO David Schwartz expressed his concerns on social media. He questioned the logic behind enforcement actions in an environment of regulatory uncertainty. "How can you possibly justify enforcement actions when the government can't even figure out what the law requires?" Schwartz wrote on X, highlighting the confusion in regulatory clarity in the cryptocurrency space. (CoinEdition)