David Sacks: The FDIC's decision to eliminate "reputational risk" as a factor in bank regulation is a significant victory for cryptocurrency.

David Sacks stated that the decision by the Federal Deposit Insurance Corporation (FDIC) to eliminate the practice of considering "reputational risk" as a regulatory factor for banks is a significant victory for the cryptocurrency industry. This change could affect the relationship between banks and cryptocurrency companies, reducing the regulatory pressure banks face when collaborating with crypto firms. Sacks believes this will aid the development of the crypto industry, as banks will be more willing to work with crypto companies without the concern of negative impacts from reputational risk.