Senator asks FDIC about allegations it discourages bank relations with crypto...
Sen. Pat Toomey says he has information from whistleblowers that the FDIC, without a legal basis, is discouraging banks from dealing with companies that have crypto links. Pennsylvania Senator Pat Toomey, ranking member of the United States Senate Banking Committee, has sent a letter to Federal Deposit Insurance Corporation (FDIC) director and acting chairman Martin Gruenberg informing him of allegations made by a whistleblower concerning FDIC activities. The senator suspects the FDIC “may be improperly taking action to deter banks from doing business with lawful cryptocurrency-related....
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The U.S. Federal Deposit Insurance Corporation (FDIC) has asked thousands of banks and other financial institutions it supervises to declare existing crypto activities and any plans they have to engage in crypto activities in the future. Banks to Disclose Crypto Plans to FDIC The Federal Deposit Insurance Corporation (FDIC), an agency created by Congress to maintain stability and public confidence in the U.S. financial system, announced Thursday: The FDIC is requesting all FDIC-supervised institutions that are considering engaging in crypto-related activities to notify the FDIC of their....
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....
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 government agency had previously stated that deposits at non-bank entities, including crypto firms, are not covered by FDIC insurance. The Federal Deposit Insurance Corporation (FDIC) has issued cease and desist letters to five companies for allegedly making false representations about deposit insurance related to cryptocurrencies.FDIC issued a Friday press release disclosing cease and desist letters for cryptocurrency exchange FTX US and websites SmartAssets, FDICCrypto, Cryptonews and Cryptosec. In the letters, which were issued on Thursday, the government agency alleges that these....
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....