🔥The Fed eliminates a key cryptocurrency oversight program 👀
The Federal Reserve of the United States (#Fed ) has ended a program that supervised banks working with cryptocurrencies and financial technology. This program, which was launched in August 2023, aimed to have greater control over how banks managed the #Criptomonedas and other innovative technologies.
This new change is due to the fact that the Fed has learned so much from the previous program that they can now integrate that knowledge directly into their normal oversight process. In short, they no longer need a special program for this because they now better understand how banks interact with cryptocurrencies. This shift in focus aligns with the more open stance that other U.S. regulatory agencies have adopted since President Donald Trump took office, such as the FDIC and the #SEC , which are also easing their rules and guidelines for digital assets.
The relationship between banks and cryptocurrencies has changed a lot. Previously, under the previous administration, there was more distrust, and banks were discouraged from engaging in cryptocurrency activities. Now, the stance is more permissive, and the goal is for existing rules to be applied clearly to the #activos digital assets, rather than creating new barriers. This could mean a more integrated future for cryptocurrencies in the traditional financial system.
Do you think this change in rules will encourage more banks to offer cryptocurrency-related services?
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