The FDIC is reassessing its regulation of cryptocurrency activities, and the original regulatory warning has been removed

BlockBeats News: On February 6th, according to crypto KOL Marty Party, the Federal Deposit Insurance Corporation (FDIC) announced today that it is actively reassessing its regulatory approach to cryptocurrency related activities. This includes replacing the Financial Institution Letter (FIL) 16-2022 and providing a pathway for institutions to participate in cryptocurrency and blockchain related activities while adhering to security and soundness principles. This information was emphasized in the statement by Acting Chairman Travis Hill, indicating that the FDIC has undergone changes in regulating banks involved in cryptocurrency activities. This means that banks can hold customers' cryptocurrencies and will be insured by the FDIC. The Choke Point FIL 16-2022 letter from the Biden administration has been withdrawn and replaced. MartyParty commented that the original FIL-16-2022 letter link has been deleted and a 404 error is displayed. The FDIC is removing all evidence related to its politically motivated opposition to cryptocurrency policies. BlockBeats note: FIL 16-2022 is a guidance document released by the Federal Deposit Insurance Corporation (FDIC) in the United States, officially titled "Financial Institution Letter 16-2022". This document was released in 2022, mainly providing guidance and warnings for financial institutions and cryptocurrency related businesses, particularly imposing strict restrictions on the relationship between banks and the cryptocurrency industry. FIL 16-2022 stipulates that banks and other financial institutions are not allowed to provide certain services to cryptocurrency enterprises, especially those related to cryptocurrency custody, trading, financing, and other activities. The release of this document is considered part of the 'Choke Point' policy, aimed at reducing the expansion of the cryptocurrency industry by restricting cryptocurrency companies from accessing banking services.