According to a statement released by the Federal Reserve, it has announced the withdrawal of regulatory guidance concerning banks’ involvement in activities related to crypto assets and stablecoins.
The Federal Reserve stated in the announcement:
“The Board will rescind the supervisory letter issued in 2022, which originally required state member banks to notify regulators in advance when engaging in activities related to crypto assets.”
In the future, any business activities related to crypto assets will be supervised under the Federal Reserve’s normal regulatory processes, eliminating the need for prior notification.
Additionally, the Federal Reserve indicated that it will also withdraw the 2023 regulatory letter concerning state banks’ participation in stablecoin activities. This means that restrictions on stablecoin business will also be relaxed, returning to standard regulatory procedures.
