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The Federal Deposit Insurance Corporation (FDIC) clarified its stance on crypto-related banking activities Friday, drawing praise from industry leaders like Cardano founder Charles Hoskinson. The US banking regulator announced it rescinded FIL-16-2022. This 2022 policy had required FDIC-supervised institutions to first notify the agency before engaging in digital asset services. The FDIC’s new guidance effectively allows these banks to now offer approved crypto-related services without seeking prior agency permission, a change seen as potentially encouraging more institutional participation in the space. Related: Ripple CTO Slams FDIC’s Crypto Roadblocks Amid Coinbase Court Revelations On March 28, the FDIC announced the rescission of FIL-16-2022, a policy issued in April 2022 that required banks under its supervision to notify the agency before engaging in crypto activities. The new guidance confirms that banks may participate in such activities as long as they effectively manage the associated risks. While the prior notification requirement has been removed, banks are still expected to conduct crypto-related operations in a safe and sound manner. They must adhere to regulations concerning market risk, liquidity, cybersecurity, and anti-money laundering compliance. The FDIC emphasized that financial institutions should work closely with their supervisory teams when navigating digital asset services. Related: Senate Votes to Repeal IRS DeFi Crypto Broker Rule in Bipartisan Victory for Industry Notably, the FDIC’s updated approach could reduce friction for banks looking to integrate crypto services and accelerate adoption within the traditional banking sector. Cardano founder Charles Hoskinson echoed this sentiment in his remarks. “This is a major step forward and a big win for crypto,” he said. “Wow! Banks can now touch crypto without groveling for approval? How generous,” said Teddy Paulus, a Bitcoin advocate. Notably, the FDIC’s decision also aligns with broader regulatory easing for crypto businesses. The agency plans to issue further guidance in collaboration with other U.S. financial regulators. In January, the SEC repealed the controversial crypto accounting rule, Staff Accounting Bulletin 121 (SAB 121), replacing it with SAB 122. SAB 121 required financial institutions holding crypto assets for customers to list them as liabilities on their balance sheets, which was criticized for complicating crypto custody and hindering innovation. Related: SEC Loosens SAB 121 Rules, Paving the Way for Banks to Enter Crypto Custody Market Meanwhile, earlier this week, U.S. Senators voted 70-28 to repeal a controversial IRS rule that imposed heavy tax reporting requirements on decentralized finance (DeFi) protocols. The rule would have required DeFi projects to report user transactions like traditional brokers, raising concerns about privacy and feasibility. The resolution now moves to President Trump for approval. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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In the ever-evolving world of cryptocurrency, few digital assets have managed to capture as much attention as XRP. Developed by Ripple Labs, XRP was designed with a clear mission: to revolutionize the way cross-border payments are made. Unlike Bitcoin and Ethereum, which focus on decentralization and smart contracts, XRP aims to work alongside financial institutions to create a more efficient, cost-effective, and scalable global payment system. But what makes XRP so special, and why is it still one of the most discussed assets in the crypto space? Let’s dive in. XRP’s Unique Technology and Speed One of XRP’s biggest advantages is its transaction speed. While Bitcoin transactions can take 10 minutes or more to confirm, XRP transactions are settled in just 3 to 5 seconds. This is thanks to its unique consensus protocol, which doesn’t rely on traditional mining. Instead, a network of independent validators ensures transaction integrity, making it not only faster but also far more energy-efficient than proof-of-work blockchains. Bridging the Gap Between Traditional Finance and Crypto A major selling point for XRP is its close ties with banks and financial institutions. Unlike many cryptocurrencies that seek to replace traditional banking, Ripple’s vision is to complement and improve the existing financial system. Through RippleNet, banks and payment providers can leverage XRP as a bridge currency, allowing for near-instant global transfers at a fraction of the cost of traditional methods like SWIFT. This approach has led to partnerships with hundreds of financial institutions worldwide, including Santander, American Express, and SBI Holdings. Regulatory Battles and the SEC Lawsuit No discussion about XRP is complete without mentioning the legal battle with the U.S. Securities and Exchange Commission (SEC). In December 2020, the SEC sued Ripple Labs, alleging that XRP was sold as an unregistered security. This case sent shockwaves through the crypto industry and led to a temporary delisting of XRP from major exchanges. However, in 2023, Ripple secured a partial victory when a U.S. court ruled that XRP is not a security when sold to retail investors. This was a significant win for Ripple and set a crucial precedent for the crypto market. With this legal uncertainty gradually clearing up, investor confidence in XRP has been on the rise. Adoption and Real-World Use Cases Beyond banking, XRP is also making strides in real-world adoption. Remittances: XRP has been integrated into remittance services, allowing users to send money across borders quickly and affordably. Central Bank Digital Currencies (CBDCs): Ripple is actively working with governments to explore how XRP’s technology can support CBDCs. NFTs and Tokenization: With the launch of the XRP Ledger (XRPL) supporting NFT creation and asset tokenization, the XRP ecosystem is expanding beyond just payments. Price Predictions and Future Outlook Despite market fluctuations, XRP has remained one of the top cryptocurrencies by market cap. Analysts speculate that if Ripple continues to grow its banking partnerships and regulatory clarity improves, XRP could see significant price appreciation in the coming years. With the rising demand for fast and cost-efficient global payments, XRP is well-positioned for mainstream adoption. Final Thoughts XRP is more than just another cryptocurrency—it’s a game changer for the financial world. Its ability to facilitate instant, low-cost international transactions, combined with growing institutional adoption, makes it one of the most promising digital assets in the space. While challenges remain, XRP’s resilience and strong fundamentals suggest that it will continue to be a key player in shaping the future of global finance. What are your thoughts on XRP? Are we on the verge of a financial revolution? Let’s discuss!