A major milestone in the legal conflict between Bank of America and the Federal Deposit Insurance Corporation (FDIC) has brought one of the United States’ largest financial institutions squarely into the regulatory spotlight. After years in court, a Washington federal judge has ordered Bank of America to pay $540.3 million—a substantial sum covering tax periods from 2013 through 2014, including accrued interest.
In recent years, cryptocurrencies have become a hot topic in the financial world, causing quite a stir among regulators. However, a new policy from the Federal Deposit Insurance Corporation (FDIC) in the USA promises to change the dynamic of banks' interaction with these digital assets.
Recent changes in the regulation of banking activities related to cryptocurrencies raise important questions in the field of financial technology and its impact on the financial system. The Federal Deposit Insurance Corporation (FDIC) has announced that banks under its supervision no longer need prior approval to engage in activities involving crypto assets and digital assets. This marks a reversal of the policy established during the Biden administration, which aimed to minimize risks for both banks and their customers.
