Federal Reserve withdraws crypto-unfriendly banking guidance
The Fed is rescinding its supervisory letter from 2022 that called for notification in advance of planned or ongoing crypto-asset activities.
The US Federal Reserve announced it is withdrawing guidance that served to deter banks from engaging in crypto and stablecoin activities.
”The Board is rescinding its 2022 supervisory letter establishing an expectation that state member banks provide advance notification of planned or current crypto-asset activities,” the Board of Governors of the Federal Reserve explained in an April 24 statement.
Any crypto-related activities will now be monitored through the Federal Reserve’s normal supervisory process, it said.
The Federal Reserve is also rescinding its 2023 supervisory letter that impacted how state banks could engage in stablecoin activities.
