The decision of American regulators to abandon the practices of “debancarization” marks a decisive turning point for the cryptocurrency industry. David Sacks, Crypto Manager at the White House, describes this change of “big victory” for the digital asset sector.
The FDIC eliminates the “risk of reputation” of its regulatory arsenal
On March 25, David Sacks announced a decisive regulatory advance on his X account (formerly Twitter).
The Federal Deposit Insurance Corporation (FDIC) has officially decided to abandon the use of the “reputation risk” criterion in its banking supervision, thus following the preception of the Office of the Comptroller of the Currency (OCS).
This controversial criterion defined risk as ” The possibility that a negative advertisement concerning the practices of an institution, founded or not, leads to a loss of customers, disputes or income reductions ».
According to Sacks, this too vague definition served as a pretext to cut access to banking services of many legitimate crypto companies.
Supporters of the sector have long denounced this practice under the name of “Operation ChokePoint 2.0”, referring to a controversial program that limited banking access to certain industries deemed sensitive.
A new start for relations between banks and Crypto companies
This major development is part of a broader political dynamic aimed at normalizing relations between banks and Crypto companies.
In early March, Republican senator Tim Scott presented the Firm (Financial Integrity and Regulatory Management Act) law, which specifically aims to prohibit the use of “reputation risk” as a criterion for federal banking monitoring.
On March 24, republican members of the Senate banking committee confirmed that the FDIC would remove this criterion from its supervision methodology.
In a press release From March 28, the agency announced an even more concrete measure: banks can now engage in activities related to cryptocurrencies without prior authorization, provided that these activities are legal and that the risks are properly managed.
David Sacks particularly insisted on the importance of establishing “objective and quantitative” banking criteria, rather than based on subjective perceptions. According to him, ” The banking criteria must be objective and measurable, and not based on the possibility of false information. »»
This regulatory reform opens a new era for the American crypto industry. The FDIC, formerly perceived as hostile to the sector, now seems ready to develop a framework allowing financial institutions to engage more easily with digital assets, while maintaining appropriate risk management.
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