Source: Cointelegraph Original: "{title}"
On March 28, the FDIC stated in a letter that institutions under its supervision, including banks, can now engage in cryptocurrency-related activities without prior approval. This announcement comes in the context of the Commodity Futures Trading Commission (CFTC) declaring that digital asset derivatives will be treated the same as other derivatives.
The FDIC's letter rescinds a directive from the previous U.S. President Joe Biden's administration, which required institutions to notify the agency before engaging in cryptocurrency-related activities. According to the FDIC's definition, "cryptocurrency-related activities include, but are not limited to: acting as a custodian for crypto assets; maintaining reserves for stablecoins; issuing cryptocurrencies and other digital assets; acting as a market maker or trading/redemption agent; participating in blockchain and distributed ledger-based settlement or payment systems, including executing node functions; and related activities such as finder activities and lending."
Institutions regulated by the FDIC should consider the associated risks when engaging in cryptocurrency-related activities. These risks include market and liquidity risks, operational and cybersecurity risks, consumer protection requirements, and anti-money laundering requirements.
On March 25, the FDIC removed the "reputational risk" category from bank examinations, paving the way for banks to collaborate with digital assets. Reputational risk is a term that emphasizes the risks banks may face when partnering with certain industries.
Due to regulatory uncertainty, the U.S. cryptocurrency derivatives market has long been in a gray area, but this is changing. On March 28, the CFTC withdrew a staff advisory letter, ensuring that digital asset derivatives—a trading product—will be treated the same as other types of derivatives. This revision "takes effect immediately."
The change in tone from the CFTC and FDIC reflects a new environment for cryptocurrency companies under the Trump administration. Trump had vowed to make the U.S. the "global cryptocurrency capital."
Cryptocurrency companies are adjusting their strategies to adapt to the relaxed regulatory environment. On March 10, Coinbase announced it would offer 24/7 trading of Bitcoin (BTC) and Ethereum (ETH) futures. Additionally, reports indicate that the company plans to acquire the cryptocurrency derivatives exchange Deribit.
Another U.S. cryptocurrency exchange, Kraken, is also taking action in the derivatives market. On March 20, Kraken announced the acquisition of NinjaTrader, which will enable the exchange to offer cryptocurrency futures and derivatives in the U.S.
Related: U.S. stock index futures sold off ahead of Trump's "Liberation Day" tariffs, Bitcoin drops to $81,500.
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