The Federal Reserve cancels special regulatory program for cryptocurrency business, the U.S. relaxes regulations in this area

According to Hash Chain News, the Federal Reserve recently announced the cessation of the 'Novel Activities Supervision Program,' which was established in 2023 and aimed to enhance the regulation of cryptocurrency activities within the banking sector. Analysts believe this marks a recent trend of relaxation in the regulation of the cryptocurrency industry by U.S. regulators. Additionally, in April of this year, the Fed also revoked the requirement for banks to obtain regulatory approval before engaging in new cryptocurrency activities. The other two major banking regulators in the U.S., the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation, have also taken similar measures, allowing banks to decide independently whether to venture into cryptocurrency business based on existing risk management requirements.