🔥BIG news🔥. Crypto: Fed Drops Restrictions on Banks
The United States Federal Reserve (Fed) announced that it will no longer require member banks to provide advance notice for cryptocurrency and stablecoin activities. From now on, the Fed will monitor banks' engagement with digital assets as it would any other banking activity. This decision marks a significant shift from the previous policy, which limited banks' involvement in the crypto sector.
Key points from this article:
The Fed announced that it will no longer require advance notice for banking activities related to cryptocurrencies, marking a historic shift in its policy.
This decision aligns with the FDIC and the OCC, which allowed banks to participate in crypto activities without explicit authorization, despite persistent challenges in obtaining master accounts.
The Fed softens its stance on cryptocurrencies
In January 2023, following the collapse of FTX, the Fed, FDIC, and OCC issued guidance strongly discouraging U.S. banks from engaging in cryptocurrencies. The agencies believed that holding or issuing cryptocurrencies was inconsistent with safe and sound banking practices. However, this letter has been rescinded following today's announcement.
The Fed's new policy aligns with recent moves by the FDIC and OCC, which also clarified that banks are legally permitted to engage in cryptocurrency-related activities without requiring explicit regulatory approval.
🌹Follow us for more crypto news
📢 Buy & Trade Here 👇
#TariffPause #BinanceAlphaPoints #EthereumFuture #INitOnBinance #BTCvsMarkets