#Binance

The Federal Reserve of the United States (also known as the Fed) has withdrawn a requirement that mandated banks to notify in advance about their cryptocurrency-related activities. Previously, supervised banking entities were required to inform the Fed before engaging in any activities related to digital assets.

This measure reverses a previous stance that sought closer oversight of banks' involvement in the cryptocurrency market. The Fed will now supervise these activities through its usual oversight process, instead of requiring advance notifications.

This decision comes in a context where other federal banking regulators, such as the FDIC and the OCC, had already taken similar actions, eliminating prior notification requirements or non-objection processes for banks' cryptocurrency-related activities. The Fed has stated that it will work with these agencies to determine if additional guidance is needed to support innovation in the banking sector, including activities involving crypto assets.