Ripple's Chief Technology Officer criticizes the actions taken by the Federal Deposit Insurance Corporation of the United States towards cryptocurrency

New documents reveal that in 2022, the Federal Deposit Insurance Corporation (FDIC) of the United States suggested banks suspend activities related to cryptocurrency due to unresolved regulatory risks. An investigation by Coinbase into these actions found that FDIC has prevented financial institutions from providing services to the crypto industry more than 20 times. In response to FDIC's stance, Ripple Chief Technology Officer David Schwartz criticized FDIC's actions towards cryptocurrencies on social media, questioning the logic of taking enforcement action in an environment of regulatory uncertainty, especially after Coinbase publicly disclosed that FDIC tried to prevent banks from supporting this industry.