#美联储取消创新活动监管计划 Key Points of the Federal Reserve's Cancellation of the 'Novel Activities Supervision Program'
I. Content of Policy Adjustment
1. Changes in Regulatory Framework
On August 15, 2025, the Federal Reserve officially terminated the 'Novel Activities Supervision Program' established in 2023, integrating the specialized regulation originally aimed at cryptocurrency and fintech innovation into the regular banking supervision system. This means that banks engaging in cryptocurrency asset custody, blockchain technology applications, and other businesses no longer need to go through special approval processes, but core regulatory requirements such as anti-money laundering and consumer protection remain unchanged.
2. Simplification of Compliance Processes
The new regulations mainly cancel the additional review levels for banks' cryptocurrency businesses, allowing banks to independently decide whether to engage in related activities under the existing risk management framework. For example, the approval process for activities such as API technology cooperation between banks and non-bank institutions, and stablecoin issuance has been significantly simplified.
II. Background and Motivation
1. Historical Crisis Driven Establishment
The plan was born during the 2023 U.S. banking crisis, as three banks closely related to cryptocurrency, including Silicon Valley Bank and Signature Bank, collapsed one after another. The Federal Reserve believed it was necessary to strengthen regulation of 'technology that has not been adequately verified'. The regulatory focus at that time included high-risk areas such as cryptocurrency asset collateralized loans and tokenized securities.
2. Policy Environment Shift
Since the Trump administration began its second term, U.S. regulatory agencies have gradually relaxed restrictions on the cryptocurrency industry, attempting to establish the U.S. as the 'global cryptocurrency hub'. This adjustment is seen as a continuation of this trend, echoing recent moves by agencies such as the Office of the Comptroller of the Currency (OCC) to withdraw mandatory reporting requirements for cryptocurrency businesses.
III. Impact and Significance
1. Positive Market Response
After the policy relaxation, over 60% of regional banks reassessed their cryptocurrency business layouts, and stablecoin issuers and the DeFi ecosystem are expected to receive smoother fiat liquidity support. Previously, Bitcoin's price had risen by 12% in a single day when similar policy signals were released.
2. Risks and Balance
Despite the simplified regulatory processes, the Federal Reserve emphasizes that it will continue to assess the systemic risks of cryptocurrency activities through regular inspections. For instance, the application of distributed ledger technology and banks' lending and deposit cooperation with cryptocurrency enterprises remain key areas of monitoring.
Summary: This adjustment marks a shift in the United States' regulation of the cryptocurrency industry from 'specialized pressure' to 'regular integration', addressing the industry's long-standing complaints about high compliance costs while attempting to seek a balance between financial innovation and risk control. $CHR
