PANews reported on February 5 that according to the FDIC official website, the U.S. Federal Deposit Insurance Corporation (FDIC) released 175 documents today involving the supervision of banks involved in or attempting to participate in crypto-related businesses.

Acting Chairman Travis Hill said that the FDIC had previously published 25 "suspension" letters received by 24 banks, and the documents published this time include more correspondence between these banks and related communication records of other banks. The documents show that banks' requests for encryption business generally encountered resistance, including regulators' repeated requests for additional information, long-term non-response or direct instructions to suspend all encryption and blockchain activities, which led most banks to eventually give up related attempts.

Hill said that the FDIC is re-evaluating the regulatory approach to crypto-related businesses and plans to replace the 2022 regulatory guidelines (FIL 16-2022) to provide banks with a compliant path for engaging in crypto business while ensuring security and robustness. The FDIC will also participate in the presidential working group to cooperate with the January 23 presidential executive order on the regulatory discussion of the digital asset market.