Regulation

📅 August 15 | United States
In a move that shakes up crypto banking in the United States, the Federal Reserve (Fed) announced the immediate closure of its special oversight program for banks with exposure to digital assets. This program, created to monitor risks and promote compliance standards, is now history amid a broader regulatory retreat that many interpret as a radical shift in the regulator's stance toward the blockchain industry.

A Retreat with a Message
The program, implemented in 2022, allowed the Fed to work directly with banks that offered cryptocurrency-related services, including custody, payments, and blockchain-based lending. According to the official statement, the decision to close it responds to a restructuring of regulatory priorities, although sources close to the sector point out that it is also due to political pressure and a desire to avoid conflicts with legislators critical of financial innovation.
Among the entities under this umbrella were several regional banks and fintechs that had expanded their operations into digital assets. The end of the program means that these players will return to the traditional banking regulatory framework, without a specialized channel to address risks associated with crypto assets.

The context of the withdrawal
The measure comes at a time when:
1. Regulatory pressure on exchanges and stablecoins remains high in the US.
2. Other organizations such as the OCC and the FDIC are also reviewing their guidelines for crypto services.
3. Several states are exploring their own legal frameworks, which could further fragment regulation.
For some analysts, this step by the Fed could be interpreted as a temporary cooling of its involvement in the industry, rather than an outright rejection. However, there is also a risk that it could hinder the entry of traditional banks into the sector, just as other countries are moving toward clear licenses for crypto banking.

Topic Opinion:
Crypto regulation in the US is entering a phase of redefinition, and not necessarily for the better. While a flexible framework could encourage innovation, removing specialized oversight channels could leave banks and fintechs without technical guidance to operate safely.
💬 Do you think this closure is a step backward for the integration of banking with the crypto world?

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