The US Federal Reserve has announced it would withdraw guidance for banks engaging in crypto asset and stablecoin-related 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.
This is a developing story, and further information will be added as it becomes available.
#Federal Reserve
#Business
#Banks
#Central Bank
#Regulation
Add reaction
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
Federal Reserve withdraws crypto guidance for banks
The US Federal Reserve has announced it would withdraw guidance for banks engaging in crypto asset and stablecoin-related 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.
This is a developing story, and further information will be added as it becomes available.