Crypto News

FDIC eliminates reputational risk as part of bank supervision The Senate Banking Committee recently made an announcement on March 25 stating that the Federal Deposit Insurance Corporation (FDIC) will no longer consider reputational risk as a factor in bank supervision. This move is seen as a major step towards embracing the cryptocurrency industry and its potential for growth and innovation. White House “Crypto Czar” praises FDIC decision David Sacks, also known as the White House “Crypto Czar”, has publicly praised the FDIC's decision to eliminate reputational risk as a component of bank supervision. He believes that this move is a significant correction and will pave the way for further adoption and integration of cryptocurrencies in the traditional banking system. Impact on crypto industry and market trends This decision by the FDIC is being viewed as a positive development for the crypto industry, as it removes a major barrier for trad...

Senator Tim Scott Backs Bill to Protect Crypto Clients Senator Tim Scott, the chairman of the Senate Banking Committee, is taking a stand to protect crypto clients. He has recently introduced a bill that aims to prevent U.S. regulators from using "reputational risk" as a justification to block clients from using digital assets. This move has been met with widespread support from the crypto community, with many seeing it as a step towards greater adoption and acceptance of cryptocurrencies in the mainstream. The Bill Aims to Address Regulatory Uncertainty The bill, titled the "Crypto-Currency Act of 2021," seeks to provide clear guidelines for the regulation of digital assets. Currently, there is a lot of confusion and uncertainty surrounding the regulatory landscape for cryptocurrencies, with different agencies having conflicting views on how they should be classified and regulated. This has been a major barrier to adoptio...