Odaily Planet Daily reported that a new document shows that in 2022, the Federal Deposit Insurance Corporation (FDIC) of the United States recommended that banks suspend activities related to cryptocurrency due to unresolved regulatory risks. An investigation by Coinbase found over 20 cases of the FDIC blocking financial institutions from providing services to the cryptocurrency industry.In response to the FDIC's stance, Ripple's Chief Technology Officer David Schwartz expressed his concerns on social media. He questioned the logic behind enforcement actions in a regulatory uncertain environment.“How can you possibly justify enforcement actions when the government can't even figure out what the legal requirements are?” Schwartz wrote on X, highlighting the chaos regarding regulatory transparency in the cryptocurrency space. (CoinEdition)

Odaily Planet Daily reported that new documents show that in 2022, the Federal Deposit Insurance Corporation (FDIC) in the United States recommended that banks pause activities related to cryptocurrencies due to unresolved regulatory risks. An investigation by Coinbase uncovered more than 20 cases where the FDIC prevented financial institutions from providing services to the cryptocurrency industry.

In response to the FDIC's stance, Ripple's Chief Technology Officer David Schwartz expressed his concerns on social media. He questioned the logic behind enforcement actions in an environment of regulatory uncertainty.

"How can you possibly justify enforcement actions when the government can't even figure out what the legal requirements are?" Schwartz wrote on X, highlighting the confusion surrounding regulatory transparency in the cryptocurrency sector. (CoinEdition)

Ripple's CTO criticizes the actions taken by the Federal Deposit Insurance Corporation (FDIC) against the crypto industry.