🚨 Fed withdraws old guidance, paving the way for US banks to access crypto more flexibly
FED announcement:
- Abolishes the requirement for banks to notify before engaging in activities related to digital assets (according to the supervisory letter of 2022)
- Removes the approval process when banks engage in activities with stablecoins (according to the supervisory letter of 2023)
– Withdraws from 2 joint statements in 2023 among federal regulatory agencies regarding crypto oversight of the banking system
From now on, the Fed will monitor banks' activities related to crypto through the regular supervisory process, rather than applying separate requirements as before.