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- FDIC eliminated reputational risk in bank supervision, aligning with Senator Tim Scott’s FIRM Act, benefiting crypto and financial institutions.
- OCC instructed staff to remove reputational risk as a separate category, shifting focus to operational and compliance risks for banking oversight.
- Trump emphasized making the US a crypto leader, urging Congress to create clear stablecoin regulations and opposing previous digital asset policies.
The Federal Deposit Insurance Corporation (FDIC) has officially removed reputational risk as a factor in bank supervision. The decision aligns with the Financial Institutions Reform, Modernization, and Safety Act (FIRM Act), which aims to prevent subjective considerations from impacting financial oversight. Senator Tim Scott sponsored the legislation to ensure that banks operate under objective standards.
The Office of the Comptroller of the Currency (OCC) also confirmed it would no longer consider reputational risk separately in its bank evaluations. Instead, OCC staff must assess concerns through established risk categories such as operational and compliance risks. Regulators were directed to revise examination manuals and eliminate reputational risk references unless directly linked to bank safety.
David Sacks Applauds the Decision
David Sacks, the White House Director of Encryption and AI, welcomed the FDIC’s decision, stating that reputational risk had been applied subjectively to debank lawful businesses. He argued that it led to negative publicity, potential legal costs, and unnecessary revenue losses for institutions, particularly in the crypto sector. He emphasized the need for banking regulations based on quantifiable metrics rather than public perception concerns.
The decision has been seen as a significant win for the crypto sector, which has faced challenges in maintaining banking relationships. Financial journalist Eleanor Terret noted that removing reputational risk could help prevent unjustified financial exclusion for crypto businesses. The change aligns with broader efforts to create fairer regulatory conditions for digital assets.
SEC Endorses New Crypto Regulation
The announcement came as the US Securities and Exchange Commission (SEC) expressed support for a new regulatory proposal designed to enhance oversight of digital asset securities. CoinRegTech introduced the legislation, which includes updates to market structure and investor protection measures. The proposal suggests amendments to the Securities Exchange Act, requiring digital asset trading platforms to implement stricter safeguards.
As part of the proposal, CoinRegTech introduced the Digital Asset Electronic Reporting System (DART). The system is expected to centralize digital asset transaction records by capturing both on-chain and off-chain trades. The Commodity Futures Trading Commission and the SEC will collaborate to improve transaction transparency and regulatory enforcement.
Trump Supports Stablecoin Regulation
The FDIC’s move follows President Donald Trump’s call for clearer regulations on stablecoins. Speaking at the Digital Assets Summit in New York, Trump outlined his vision to position the US as a global leader in cryptocurrency. He urged Congress to create legislative clarity for stablecoins and digital assets while opposing the Biden administration’s past handling of crypto-related policies.
Trump also criticized the federal government’s approach to selling seized cryptocurrencies at undervalued prices. He emphasized that his administration would work toward making the United States a leading force in Bitcoin and digital assets. The former president’s statements reflect a growing push for regulatory adjustments to foster the digital economy.
