US banking regulators withdraw cryptocurrency warning!
US banking regulators made a significant announcement on Thursday, declaring the withdrawal of the cautious guidance document regarding banks' activities in cryptocurrency. This move reflects the Trump administration's friendly attitude towards cryptocurrencies. The Federal Reserve stated that it would rescind two letters requiring banks to obtain approval before engaging in activities involving crypto assets and stablecoins. Additionally, in collaboration with the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency, the risk warning statement from 2023 was also withdrawn.
This change suggests that regulators will reassess how to support innovation, including activities related to crypto assets. In March of this year, the Office of the Comptroller of the Currency became the first regulatory body to relax regulations on banks participating in cryptocurrency, showing an open attitude towards the sector.
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