[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]  SMQKE [@SMQKEDQG](/creator/twitter/SMQKEDQG) on x 60.7K followers Created: 2025-02-26 00:06:51 UTC The FDIC’s Secret War on Crypto: How the Agency Crushed Innovation in American Banking: 🧵 For decades, the Federal Deposit Insurance Corporation (FDIC) has positioned itself as a guardian of financial stability, insuring over $XX trillion in deposits across more than XXXXX U.S. banks. As an independent agency, the FDIC operates under the oversight of the Federal Reserve, the U.S. Treasury, and Congress, giving it broad authority to regulate banks and control access to financial markets. 🙇♂️ Newly uncovered documents, released this month (February 2025) show that the agency used this power to block banks from adopting blockchain technology, preventing them from offering crypto-related services and slowing financial innovation in the United States.🎯 A Freedom of Information Act (FOIA) request uncovered XXX pages of internal FDIC communications, exposing a coordinated effort to pressure banks into avoiding crypto. The agency justified its actions as “risk management” but imposed restrictions that had no clear approval process or end date. The FDIC sent “pause letters” to more than XX banks between 2022 and 2024, ordering them to halt or delay crypto-related activities. Internal emails confirm that these restrictions were part of a broader effort to limit blockchain adoption. The FDIC backed these efforts with restrictive policies. While the FDIC imposed these restrictions, other countries moved forward. Switzerland, Singapore, and the UAE welcomed digital assets and positioned themselves as leaders in financial innovation. The U.S. banking sector, unable to compete under FDIC constraints, abandoned or delayed projects that could have reshaped the industry. Bitcoin trading platforms, blockchain-based settlement systems, tokenized deposits, and crypto-backed financial products never reached consumers.😕 For a closer look at the specific emails that reveal the FDIC’s behind-the-scenes efforts to block blockchain adoption and crypto-related activities, see the thread below. These emails highlight the agency’s strategy and internal discussions that were previously hidden from public view. By examining these communications, it becomes clear just how deeply the government has been involved in shaping the crypto landscape—often at the expense of innovation and progress in the financial sector.📝👇  XXXXXXX engagements  **Related Topics** [stocks financial services](/topic/stocks-financial-services) [fdic](/topic/fdic) [insurance](/topic/insurance) [federal deposit](/topic/federal-deposit) [federal reserve](/topic/federal-reserve) [banking](/topic/banking) [Post Link](https://x.com/SMQKEDQG/status/1894539590364803239)
[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]
SMQKE @SMQKEDQG on x 60.7K followers
Created: 2025-02-26 00:06:51 UTC
The FDIC’s Secret War on Crypto: How the Agency Crushed Innovation in American Banking: 🧵
For decades, the Federal Deposit Insurance Corporation (FDIC) has positioned itself as a guardian of financial stability, insuring over $XX trillion in deposits across more than XXXXX U.S. banks. As an independent agency, the FDIC operates under the oversight of the Federal Reserve, the U.S. Treasury, and Congress, giving it broad authority to regulate banks and control access to financial markets. 🙇♂️
Newly uncovered documents, released this month (February 2025) show that the agency used this power to block banks from adopting blockchain technology, preventing them from offering crypto-related services and slowing financial innovation in the United States.🎯
A Freedom of Information Act (FOIA) request uncovered XXX pages of internal FDIC communications, exposing a coordinated effort to pressure banks into avoiding crypto. The agency justified its actions as “risk management” but imposed restrictions that had no clear approval process or end date.
The FDIC sent “pause letters” to more than XX banks between 2022 and 2024, ordering them to halt or delay crypto-related activities.
Internal emails confirm that these restrictions were part of a broader effort to limit blockchain adoption.
The FDIC backed these efforts with restrictive policies.
While the FDIC imposed these restrictions, other countries moved forward. Switzerland, Singapore, and the UAE welcomed digital assets and positioned themselves as leaders in financial innovation.
The U.S. banking sector, unable to compete under FDIC constraints, abandoned or delayed projects that could have reshaped the industry.
Bitcoin trading platforms, blockchain-based settlement systems, tokenized deposits, and crypto-backed financial products never reached consumers.😕
For a closer look at the specific emails that reveal the FDIC’s behind-the-scenes efforts to block blockchain adoption and crypto-related activities, see the thread below.
These emails highlight the agency’s strategy and internal discussions that were previously hidden from public view. By examining these communications, it becomes clear just how deeply the government has been involved in shaping the crypto landscape—often at the expense of innovation and progress in the financial sector.📝👇
XXXXXXX engagements
Related Topics stocks financial services fdic insurance federal deposit federal reserve banking