Federal Reserve withdraws bank guidance related to cryptocurrency asset activity
On April 24, local time, the Federal Reserve announced the withdrawal of bank guidance related to activities involving crypto assets and dollar tokens.
The Federal Reserve also rescinded a 2022 regulatory letter that required banks to provide prior notice of crypto asset activities. Such financial institutions will no longer need to submit such notices. Their crypto asset activities will be monitored through normal regulatory processes.
In 2022, the Federal Reserve had suggested steps that regulated lending institutions should take before engaging in the digital asset industry.
This signifies the end of the crackdown and restrictions on cryptocurrency during the sleepy period.
