Business Regulation & Regulated Industries

Editors (11)

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McGlinchey Stafford, PLLC

Lynette Hotchkiss

Executive Editor, Business Regulation & Regulated Industries
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The Arefin Law Office

D. Sharmin Arefin

Contributing Editor, Business Regulation & Regulated Industries
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Villanova University Charles Widger School of Law

Lev E. Breydo

Contributing Editor, Business Regulation & Regulated Industries
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Carlton Fields

Thomas F. Morante

Contributing Editor, Business Regulation & Regulated Industries
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Core States Group

Dredeir Roberts

Contributing Editor, Business Regulation & Regulated Industries
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Davis Polk

Andrew B. Samuel

Contributing Editor, Business Regulation & Regulated Industries
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Troutman Pepper Hamilton Sanders LLP

Barbara T. Sicalides

Contributing Editor, Business Regulation & Regulated Industries
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Liberty University School of Law

Timothy M. Todd

Contributing Editor, Business Regulation & Regulated Industries
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Haynes and Boone, LLP

Susan A. Wetzel

Contributing Editor, Business Regulation & Regulated Industries
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Hudson Cook LLP

Latif Zaman

Contributing Editor, Business Regulation & Regulated Industries
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MONTH-IN-BRIEF (Feb 2023)

Banking Law

FDIC Issues Another Round of Cease and Desist Letters Focused on Deposit Insurance Claims

By Susan Seaman & Daniel Wilkinson, Husch Blackwell LLP

On February 15, 2023, the Federal Deposit Insurance Corporation (“FDIC”) issued cease and desist letters demanding that a cryptocurrency exchange, crypto review websites, and a fintech offering high-yield deposit accounts stop making false and misleading statements regarding deposit insurance coverage.

In its letter to the cryptocurrency exchange, the FDIC highlighted the following problematic statement on the exchange’s website: “U.S. dollars held in your [exchange] fiat currency wallet are FDIC-insured up to $250,000 per account.” According to the FDIC, this statement is false or misleading in violation of the Federal Deposit Insurance Act (“FDI Act”) because cryptocurrency exchanges are not insured by the FDIC. The two crypto review websites received cease and desist letters for repeating substantially the same deposit insurance claim in articles reviewing the exchange.

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