The Federal Reserve has recently officially halted the "New Activity Supervision Program" launched in 2023, a special regulatory project focused on monitoring banking activities related to cryptocurrencies and blockchain. These activities will now be reintegrated into the regular banking regulatory framework.

This special program was initially established to mitigate risks, primarily monitoring the various services that banks provide to cryptocurrency companies and financial technology firms, such as deposit accounts, payment settlements, and loan services. Its sudden cancellation has led industry insiders to speculate about changes in policy direction.

Indeed, since Trump returned to the White House, Washington's attitude towards digital currencies has noticeably softened. The most significant change is that the Securities and Exchange Commission (SEC) has quietly halted its investigations and lawsuits against several cryptocurrency companies this year. Treasury officials have also publicly stated their intent to align with the White House's new policy direction, even preparing to establish a "national cryptocurrency reserve."

However, the most explosive development is the public confrontation between Trump and the Federal Reserve. The outspoken president recently clashed with Federal Reserve Chairman Powell, directly questioning the independence of the Federal Reserve. It is worth noting that Powell's term is set to last until May 2026, and his board member position could extend until January 2028.

On August 8th, Federal Reserve Board member Couglin abruptly resigned, and Trump quickly nominated his economic advisor Milan to fill the vacancy temporarily. It is said that the White House is searching for a permanent candidate, expected to be settled by January next year. This series of actions raises questions about whether Trump intends to completely reshape the financial regulatory landscape in the United States.