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With Donald Trump’s entry into the White House for the second time, a sudden change in the nation’s regulatory stance towards crypto has been seen. The Federal Deposit Insurance Corporation (FDIC) recently said that banks do not require any prior approval for getting involved in cryptocurrencies and related activities.
Travis Head, the acting chairman of the FDIC, said the new regulations will reduce unnecessary regulatory boundaries that have been implemented over the last three years.
He said, “ I expect this to be one of several steps the FDIC will take to lay out a new approach for how banks can engage in crypto- and blockchain-related activities following safety and soundness standards.”
Following the revision in the rules, banks under the supervision of the Federal Deposit Insurance Corporation will no longer require any prior information to engage in crypto-related services.
According to experts, the move of the FDIC followed the changing global stance on cryptocurrencies, with a few nations seeing them as the future of the currency market.
However, if any bank is already involved or seeks to get involved in such services, it has to notify the FDIC; after the notification, the agency will review the information and might provide feedback or supervision in the future.
Despite the ease in the rules and regulations concerning digital assets in the crypto market, the agencies and regulators are cautious and oversee the activities under a centralized lens.
It is worth noting that after Trump came into power, agencies and regulators in the U.S have shown a collaborative approach, which is expected to open new paths for the industry like crypto, blockchain, and artificial intelligence.
SEC is also reviewing crypto as a progressive sector
In the past few years, the Securities and Exchange Commission of the United States has set many records, including gathering penalties from the crypto market and the number of lawsuits against crypto-based firms.
However, after Trump came into power, Gary left the commission because he was afraid of actions against him; he also mentioned the same while addressing graduates in college.
Now, under the new leadership, the SEC has reviewed dozens of filed lawsuits and dismissed most of them, saying that the agencies don’t find any flawed approach from the companies.
Currently, Mark Uyeda is acting chairman of the SEC; he has also served as its commissioner. His leadership has taken progressive steps to heal the wounds of crypto, opening the way for a brighter future.
Crypto market price update
Until publishing, the crypto market cap was $2.71 trillion with a decline of 2.47% intraday, and the volume was $81.23 billion in the same frame; the crypto fear and greed index has also reflected a loss now at 27, indicating determining fear in the market.
In the past 24 hours, the price has declined significantly, with the Curve DAO token losing 12.48%, followed by Sonic, Kaspa, Pancakeswap, Celestia, Floki Inu, and Worldcoin.
