The Federal Deposit Insurance Corp. issued the letters ordering the companies to stop making false or misleading representations of deposit insurance.

Nigeria, which has attracted just 840,000 users for its digital currency since October, is seeking to boost adoption of the e-naira almost tenfold in the next 12 months by luring people without bank accounts.

Matt Damon's pitch to invest in crypto has disappeared from U.S. television sets. Same goes for glitzy commercials starring LeBron James and Tom Brady.

The move is the latest development in the ongoing political clash over how involved banks should be in crypto markets. 

The Federal Deposit Insurance Corp. said its actions are "consistent with longstanding legal authorities to ensure that banks engaging in crypto-related activities are doing so in a safe and sound way that protects consumers."

It's surprising given the cryptocurrency's volatility, but the New York Yankees, the Houston Rockets, MVB Bank and Vantage Bank are among the companies that have begun letting employees invest some of each paycheck in bitcoin in recent months.

BlackRock is offering its first-ever investment product directly in bitcoin, marking a significant move into crypto markets by the world's largest asset manager.

Coinbase Global said it's being probed by the Securities and Exchange Commission over its staking programs, which allow users to earn rewards for holding certain cryptocurrencies.

Bank advocates say that stark government scrutiny of bank forays into digital assets has been misplaced and that if the administration would like to see responsible innovation in crypto, the banking system could be the place to do it.

It will be a bitter pill for some in the crypto world, but strong regulation of stablecoins is necessary to maintain the dollar's status as the world's reserve currency.