BlockBeats news, on August 16, according to an official announcement, the Federal Reserve Board announced on Friday that it will terminate the 'novel activities' regulatory program and restore oversight of banks' new activities through normal regulatory processes.
Since the committee launched its regulatory program for specific cryptocurrencies and fintech activities in banks, the Federal Reserve has deepened its understanding of these activities, associated risks, and banks' risk management practices. Based on this, the Federal Reserve will reintegrate this knowledge and the regulation of these activities into the standard regulatory process and will revoke the regulatory letter establishing this program from 2023.
