David Sacks: The FDIC makes it easier for banks to engage in cryptocurrency activities, which will drive the mainstream adoption of crypto

ChainCatcher news, David Sacks, the White House's cryptocurrency and artificial intelligence director, stated regarding "the new guidelines released by the FDIC that clarify the process for banks to engage in cryptocurrency activities," that "the FDIC is making it easier for banks to participate in crypto-related activities, which is one of the best ways to further drive the mainstreaming of cryptocurrency."

Previous news, the FDIC has revoked the requirement for banks to pre-approve cryptocurrency activities, allowing banks to engage in cryptocurrency and other legally permitted activities without prior approval from regulators, as long as they can appropriately manage risks.