In a victory as surprising as finding a golden ticket in a candy bar, the White House crypto czar David Sacks beamed with glee as the regulators finally tossed out the debanking rule that was like a big, ugly spider in the crypto sandbox.
It seems the Federal Deposit Insurance Corporation (FDIC) has decided that “reputational risk” is as useful as a chocolate teapot when it comes to bank supervision. No more will crypto companies be shunned by banks just because someone might whisper mean things about them!
Big win for crypto: FDIC is following OCC’s lead in removing ‘reputational risk’ as a factor in bank supervision. 🎉
Sacks pointed out that “reputational risk” was a bit like calling someone “smelly” without any actual stink. It was just a sneaky way to keep crypto businesses out of the banking world. But no more, my friends! Now, crypto can play with the big kids without being called names.
And let’s not forget Operation Chokepoint 2.0, the not-so-secret plan to strangle crypto companies with red tape. But the crypto champions fought back, and now it’s the operation that’s been choked!
Senator Tim Scott introduced the FIRM Act, which is about as exciting as a superhero movie for crypto fans. It’s like saying, “No more using ‘reputational risk’ to bully the little guys!” And the FDIC listened!
On March 28, the FDIC basically said, “Go ahead, banks, play with crypto, just make sure you don’t break anything.” It’s like giving the banks a shiny new toy to play with, and crypto is that toy!
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2025-03-30 04:57