The Federal Deposit Insurance Corp. (FDIC) has sent letters to banks expressing concern about their involvement with certain crypto products, according to Fox Business reporter Eleanor Terrett. In a tweet, Terrett stated that the letters, dated two to three years ago, underscored the lack of regulatory clarity surrounding cryptocurrencies. This uncertain regulatory landscape has left banks hesitant to engage fully in the crypto market. The FDIC's concerns primarily stem from the volatility of crypto assets, as well as the potential for fraud and illegal activities associated with their use. Consequently, banks are required to conduct thorough due diligence on any crypto-related activities they undertake. Despite the FDIC's apprehension, there is a growing interest among banks in exploring the potential benefits of blockchain technology and cryptocurrencies. As regulatory clarity emerges, it is expected that banks will take a more active role in the crypto ecosystem.