1. The Federal Reserve's Regulatory Attitude is Shifting Towards Openness

Allowing Federal Reserve Employees to Hold a Small Amount of Crypto Assets

Regulatory Vice Chair Michelle Bowman stated that Federal Reserve employees should be allowed to hold "de minimis" (very small amounts) of crypto assets to enhance regulators' understanding of technology and their regulatory capabilities. This proposal aims to attract professionals who understand crypto and help practitioners avoid being overly cautious due to a lack of understanding of the technology.

A Call to Say Goodbye to the Old 'Cautious' Mindset

At the Wyoming Blockchain Symposium, she urged regulators to move away from overly conservative attitudes and to actively incorporate innovations such as blockchain and AI into bank regulation, while proposing that differentiated regulatory strategies should be adopted based on the size and complexity of banks.

2. The Federal Regulatory 'Crypto Special Project' Will be Canceled

The 'Novel Activities Supervision Program' is About to End

The Federal Reserve announced it will close the supervision program for special crypto banking activities, shifting to the regular regulatory framework to monitor related behaviors to promote innovative development.

Revoke Outdated Regulatory Notices

The Federal Reserve Board has revoked regulatory notices from 2022 and 2023 concerning banks' crypto assets and 'dollar token' activities, indicating that related regulatory expectations will align more closely with traditional financial businesses, becoming more open and institutionalized.

3. Regulatory Framework Enters a Critical Window

Basel's Crypto Asset Banking Regulatory Standards Under Scrutiny

The crypto asset regulatory rules being developed by the Basel Committee under the Bank for International Settlements, which are expected to be implemented in 2026, have been deemed "too conservative and impractical" by industry groups, prompting calls to delay implementation and reassess them.

4. Congress Making Significant Progress on Crypto Legislation

The 'GENIUS Act' Becomes Law

This bill requires stablecoins to be backed 1-to-1 by U.S. dollars or other low-risk assets, establishes transparent auditing obligations, and creates a dual regulatory mechanism at the federal and state levels. This is the first comprehensive stablecoin regulation in the United States, officially signed into law on July 18, 2025.

Against CBDC, Clarifying Regulatory Agency Responsibilities

On the same day, Congress also passed the 'Anti-CBDC Surveillance State Act,' which prevents the issuance of central bank digital currencies (CBDC), and the 'Digital Asset Market Clarity Act,' which clarifies the regulatory boundaries between the SEC and CFTC, further promoting clarity in the crypto legislative framework.