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FDIC Official Criticizes Crypto Restrictions, Calls for Policy Shift
FDIC Official Criticizes Crypto Restrictions, Calls for Policy Shift
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An FDIC official has criticized current cryptocurrency restrictions, advocating for a policy shift to foster innovation in the blockchain sector. He highlighted the negative impact of measures such as 'pause letters' on innovation and the perception of regulatory obstruction. The official also called for an end to restrictive banking practices similar to 'Operation Chokepoint' and suggested revisions to the enforcement of the Bank Secrecy Act to alleviate the pressure on banks to close accounts due to fear of penalties. Furthermore, he emphasized the need for clearer guidelines for banks engaging with cryptocurrencies and better collaboration with the crypto industry.
