On April 7, 2022, the Federal Deposit Insurance Company (“FDIC”) issued a Financial Institution Letter (the “FIL”) articulating its expectations of FDIC-supervised institutions with respect to their crypto-related activities. Noting the FDIC’s concern regarding safety and soundness, financial stability and consumer protection risks, the FIL requires an FDIC-supervised institution to notify the FDIC prior to engaging in such activities. If an FDIC-supervised institution is currently engaged in a crypto-related activity, it must “promptly” notify the FDIC. The FDIC will review the notification, request additional information as needed, consider the risks associated with the activity and, as appropriate, provide supervisory feedback “in a timely manner.”