FDIC Allows Banks to Engage in Crypto Activities Without Prior Approval

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The Federal Deposit Insurance Corporation (FDIC) announced on Friday that U.S. banks no longer need to obtain advance permission to engage in certain cryptocurrency-related activities, as long as they manage associated risks appropriately. This decision marks a significant shift in the FDIC’s stance on crypto, overturning previous policy which required banks to clear any crypto involvement in advance.

Acting FDIC Chairman Travis Hill praised the change, stating, “The FDIC is turning the page on the flawed approach of the past three years.” Hill further indicated that there would be more regulatory clarifications in the future to guide banks’ engagement with crypto products and services.

The FDIC’s decision follows a similar move by another U.S. bank regulator, the Office of the Comptroller of the Currency (OCC), which has also been easing restrictions to allow banks more flexibility in participating in the crypto sector.

eddit and X Back Online After Outages Disrupt U.S. Users

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Social media platforms X and Reddit have both recovered from outages that affected thousands of users across the United States on Thursday, according to data from outage tracking website Downdetector.com. The disruptions impacted users’ access to the sites for several hours before services were restored.

Reddit acknowledged the issue on its status page, noting that degraded performance started at approximately 3:16 p.m. ET. At the height of the outage, more than 33,000 incidents were reported, as tracked by Downdetector, which aggregates user-submitted reports.

A Reddit spokesperson explained that the issue was caused by a bug in a recent update, which has since been resolved, restoring the platform’s functionality.

Meanwhile, X also experienced a similar disruption, with about 18,000 outage reports at its peak. The disruption for the platform, owned by Elon Musk, began around 3:03 p.m. ET. X has yet to provide an official comment regarding the issue.

Though the reports are based on user submissions, the exact number of affected users is difficult to determine. Both platforms have since resumed normal service.

Italy to Nominate Top Economy Ministry Official to STMicroelectronics Supervisory Board

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Italy plans to appoint Marcello Sala, a senior official from its economy ministry, to the supervisory board of semiconductor giant STMicroelectronics, according to three sources familiar with the matter. Sala heads the department that oversees state-run firms and asset disposals, and his nomination is seen as part of Italy’s effort to gain greater influence over the chipmaker amid internal concerns about company leadership and job cuts.

STMicroelectronics, jointly owned by the French and Italian governments through a 27.5% stake in a holding company, is currently navigating a challenging environment due to weak performance in its key automotive and industrial sectors. The group employs around 50,000 people globally.

. Supervisory Shake-Up Amid CEO Criticism
Alongside Sala, Italy is also expected to nominate Simonetta Acri to the supervisory board, replacing outgoing members Maurizio Tamagnini and Donatella Sciuto. The proposed changes, once formalised, will require approval from STMicroelectronics’ supervisory board and shareholders during the general meeting scheduled for May.

One of the sources said Italy’s move comes amid dissatisfaction with current CEO Jean-Marc Chery, who has led the company through a rough patch marked by declining market demand. The supervisory board’s role is to provide policy oversight and strategic guidance to the board of directors.

. Closer Government Oversight and Labor Concerns
The Italian government is especially keen on getting a clearer picture of STMicroelectronics’ $300 million cost-cutting initiative, which includes a potential reduction in headcount. Italian labor unions have raised alarms about the possibility of over 2,000 job cuts, prompting Economy Minister Giancarlo Giorgetti and Industry Minister Adolfo Urso to call for a meeting with company and union representatives on April 3.

Marcello Sala, known for his involvement in sensitive state asset deals—including the reduction of Italy’s stake in Monte dei Paschi di Siena—will not immediately step down from his ministry role. His possible dual responsibilities underscore Rome’s intent to exert stronger oversight over critical strategic industries.

. Broader Influence in Corporate Italy
Sala is also in consideration for the chairmanship of payments group Nexi, where state investment arm Cassa Depositi e Prestiti is a major shareholder. The move reinforces the Italian government’s ongoing strategy to place key figures in influential positions across strategic sectors such as tech, banking, and digital infrastructure.

. Background Political Ties
Notably, current STMicroelectronics board member Paolo Visca previously served as chief of staff at the industry ministry during Giorgetti’s earlier tenure, reflecting the long-standing political ties influencing appointments within the group.

The developments at STMicroelectronics highlight Italy’s broader push to assert more control over strategic corporate decisions in industries critical to the nation’s economic and technological future.