The FDIC’s removal of ‘reputational risk’ reflects a major step towards easing barriers for crypto companies. This decision supports lawful business practices and aims to foster a more transparent banking relationship with the burgeoning crypto market.

David Sacks, a prominent venture capitalist, lauded the FDIC’s move, advocating for banking criteria based on objectivity rather than subjective reputational concerns. The change is seen as a significant win for the crypto industry, aligning with broader regulatory improvements.