FDIC Interim Chair Criticizes Agency's Approach to Cryptocurrency Firms

According to Odaily, Travis Hill, the interim chair of the U.S. Federal Deposit Insurance Corporation (FDIC), recently acknowledged in a speech that the agency has engaged in 'de-banking' practices against cryptocurrency companies. Hill pointed out that some crypto-related businesses have lost banking services without any explanation, labeling this practice as 'unacceptable.' He emphasized that the FDIC's long-term goal is to reduce the number of unbanked individuals and that denying lawful customers access to banking services is not acceptable. Hill also stressed that FDIC staff must not pressure banks to drop lawful customers. Additionally, he criticized the FDIC's current stance on cryptocurrencies, describing it as overly cautious and stifling innovation. The FDIC leadership transition is expected to begin on January 20.