A historic turning point for American banks đșđž
In January 2023, following the FTX scandal, the Fed, FDIC, and OCC had cooled banks' enthusiasm for cryptos âïž. Financial institutions were warned: holding or issuing cryptocurrencies was not compatible with "safe and sound" banking management.
But plot twist: the Federal Reserve has just announced that it will abandon the requirement for banks to notify in advance of their crypto activities đ„.
From now on, banks will be monitored like any other traditional banking activity. A real breath of fresh air for the sector!
A victory for the crypto industry đ
This decision is seen as a triumph for the pro-crypto camp, notably supported by Donald Trump, who denounced the alleged "Operation Chokepoint 2.0": a disguised discrimination against Web3 companies đĄïž.
However, not everything is rosy yet: major crypto banks like Custodia and Kraken Financial are still waiting for access to master accounts (a necessary step to operate fully on a national scale).
The Fed's announcement is therefore a first step, but not yet the finish line đ€ïž.
Conclusion âš
The Fed seems to finally recognize that the crypto sector deserves to be integrated into the traditional financial landscape.
Even though challenges remain, this opening could well mark the beginning of a new era for cryptos in the United States.
Source: Journalducoin.com
