The regulatory landscape for cryptocurrencies in the U.S. banking system has undergone a substantial change. The Federal Reserve (FED) announced that it will rescind the guidelines that until now required financial entities to seek prior approvals before engaging in activities related to crypto assets.
This decision aligns the FED with the other two main regulatory agencies of the U.S. financial system: the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC), which also eliminated their previous guidelines. Together, these measures represent a regulatory change that places responsibility in the hands of compliance executives and risk managers at each bank.