This morning's announcement from the FDIC confirms exactly what we had long observed in the digital asset industry:

"The FDIC's approach 'has contributed to a general perception that the agency was closed for business if institutions are interested in anything related to blockchain or distributed ledger technology.'"

In a comment submitted to the OCC, Federal Reserve and FDIC in October 2024, our CEO and Co-Founder Charles Cascarilla called out this trend – and the impact this regulatory stance had on innovative financial technology:

"Guidance from policymakers and regulators in recent years has had a chilling effect on banks' willingness – or ability – to service the digital assets industry. As a result, the digital assets industry has been left with limited banking options, undermining efforts to create diversified banking partnerships. This leads to concentration risk and is also pushing firms to look overseas for banking partners, at times in jurisdictions that do not share the same high standards as present in the United States."

We welcome today's FDIC statement. It's a strong indication that the United States is ready to reemerge as the global hub for digital assets and financial innovation.