FDIC revokes cryptocurrency rules in the Biden era to promote innovation

Travis Hill, acting chairman of the Federal Deposit Insurance Corporation (FDIC), announced at a September 2025 Financial Stability Oversight Committee meeting that the FDIC has revoked the Biden-era “pre-Notice” requirement for banks engaged in cryptocurrency activities. The agency is implementing the GENIUS Act and the recommendations of the President’s Digital Assets Markets Working Group to modernize regulation and ensure transparency. Hill also outlines efforts to prevent non-financial debanization, promote financial inclusion and U.S. competitiveness. Additionally, a long-term Bitcoin giant whale transferred 137.03 bitcoins worth $16 million after 13 years of silence, triggering speculation about potential selling pressure, although such transfers usually don’t reach exchanges.