The Federal Reserve withdraws crypto guidelines for banks

The United States Federal Reserve has announced that it will withdraw the guidelines for banks engaging in activities related to crypto assets and stablecoins.

"The Board is rescinding its 2022 supervisory letter that established an expectation that state member banks provide notice of planned or ongoing crypto-asset activities," explained the Federal Reserve Board of Governors in a statement on April 24.

Any activity related to cryptocurrencies will now be monitored through the normal supervisory process of the Federal Reserve, it said.

The Federal Reserve is also rescinding its 2023 supervisory letter that influenced how state banks can engage in activities related to stablecoins.

This is an evolving story, and further information will be added as it becomes available.#FederalReserve #StablecoinDebate