Republican Travis Hill Urges FDIC to Support Crypto Guidance
The Federal Deposit Insurance Corp. (FDIC) is set for new leadership as Vice Chairman Travis Hill prepares to take over, potentially as the permanent chairman. Hill has proposed reforms aimed at clarifying regulations for digital assets.
- Hill advocates for updated guidance from the FDIC on cryptocurrency, moving away from a one-by-one approach.
- He criticized current practices that hinder innovation and create a perception that the FDIC is unwelcoming to blockchain initiatives.
- Controversial "pause" letters have deterred banks from engaging in digital asset transactions.
- Hill emphasizes the need for transparent guidelines on permissible activities related to cryptocurrencies.
- He opposes pressure on banks to sever ties with crypto clients, arguing this undermines efforts to reduce the number of unbanked individuals.
- Current Chairman Martin Gruenberg will resign on January 19, allowing Hill to assume interim leadership.