US FDIC seeks insight on banks’ role in cryptocurrency markets
The FDIC issued a request for public input to get more information on the industry and consumers’ interests in the market. The United States Federal Deposit Insurance Corporation is looking for information and public comments on banks' cryptocurrency-related activities.The FDIC is the major provider of deposit insurance to U.S. commercial and savings banks, originally created to address bank runs during the Great Depression. On Monday, the FDIC officially announced a request for public input to get more information on the industry and consumers’ interests in the market as well as the role....
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The Federal Deposit Insurance Corporation (FDIC) has sent a cease and desist letter to five companies, including crypto exchange FTX US. CEO Sam Bankman-Fried explained that FTX does not have FDIC insurance, stating: “We never meant otherwise, and apologize if anyone misinterpreted it … to be clear FTX US isn’t FDIC insured.”
FDIC Orders 5 Firms to Cease and Desist
The Federal Deposit Insurance Corporation (FDIC) issued crypto-related cease and desist orders to five companies Friday. The agency regulates and insures the deposits of FDIC-insured....
The Federal Deposit Insurance Corporation (FDIC) is probing crypto lender Voyager Digital over claims that it is FDIC-insured. The crypto firm previously explained that through its strategic relationships with Metropolitan Commercial Bank, “all customers’ USD held with Voyager is FDIC insured.” Voyager Probed by FDIC The Federal Deposit Insurance Corporation (FDIC) is looking into Voyager Digital Ltd. (TSE: VOYG) and its marketing of deposit accounts for cryptocurrency purchases, Reuters reported Thursday, citing confirmation by an FDIC official. The FDIC is an....
FDIC insurance is highly sought-after by crypto exchanges, lenders, and other service providers. Is it the key to mass adoption? Over the years, several cryptocurrency companies have claimed that deposits with them were insured by the United States Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) as if they were regular savings accounts. While so far, no crypto firm has been able to offer depositors this type of insurance, some speculate it could be the key to mass adoption.The most notable case is that of bankrupt lender Voyager Digital, which saw regulators instruct....
Following Voyager Digital’s application for bankruptcy protection during the first week of July, Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve Board today issued a joint letter to the company demanding a cease and desist against Voyager’s FDIC claims. The FDIC’s letter explains that Voyager’s FDIC claims are false and misleading, and the entity prohibits anyone from “representing or implying that an uninsured deposit is insured.”
FDIC Insists Voyager Digital Published Misleading and False Federal Deposit Claims
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The Texas House of Representatives passed a bill to recognize cryptocurrencies under commercial law last month. A Texas state regulator has officially affirmed that Texas state-chartered banks are allowed to store cryptocurrencies like Bitcoin (BTC) for their customers.The Texas Department of Banking, a state regulatory agency chartering state banks and supervising financial services, issued a notice on Thursday stating that local banks are permitted to provide crypto services in the state.The agency noted that Texas banks “may provide customers with virtual currency custody services, so....