$The US Federal Reserve has announced the withdrawal of guidance that discouraged banks from participating in crypto and stablecoin activities. The Board of Governors of the Federal Reserve stated on April 24 that it is rescinding its 2022 supervisory letter, which required state member banks to notify in advance of any planned or ongoing crypto-asset activities. Going forward, all crypto-related activities will be monitored through the Federal Reserve's regular supervisory process. Additionally, the Federal Reserve is also revoking its 2023 supervisory letter that affected how state banks could be involved in stablecoin activities. The guidance initially highlighted the risks associated with crypto in terms of safety, consumer protection, and financial stability. The Federal Reserve, along with other regulatory bodies, withdrew from two 2023 statements regarding banks interacting with crypto-asset sector participants engaged in potential fraud. These actions signify the Federal Reserve's first significant step in addressing crypto activities during the Trump administration's tenure, which has been focused on making the US more crypto-friendly and fostering innovation.👇👇

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