Wu Blockchain (@WuBlockchain): FDIC Vice Chair Travis Hill stated that federal agencies previously used “pause letters” to restrict banks from expanding crypto-related activities, w…
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FDIC Vice Chair Travis Hill stated that federal agencies previously used “pause letters” to restrict banks from expanding crypto-related activities, which stifled innovation and created the perception that the FDIC was obstructing blockchain technology. Hill called for an end to practices similar to “Operation Choke Point” and urged a reevaluation of the implementation of the Bank Secrecy Act to reduce the incentive for banks to close accounts due to the risk of significant fines for non-compliance. He also pledged to improve collaboration with crypto technologies. theblock.co/post/334086/fd…