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The Federal Reserve of the United States has announced a new approach regarding banks’ cryptocurrency transactions, specifically concerning dollar tokens and stablecoin activities. The board has repealed a supervisory letter issued in 2022 that required banks to provide advance notice before engaging in crypto transactions. This shift is perceived as a reflection of the rapidly changing regulatory environment in the U.S.
The Fed’s Crypto Move
The board indicated it would adopt a more flexible method for regulating banks’ cryptocurrency activities. Instead of the traditional stringent oversight, the Fed will intervene only when abnormal situations arise in the related operations. Consequently, the requirement for prior notification in existing practices has been removed.
Thus, the negative discrimination against cryptocurrency has officially disappeared from the Fed’s stance. Banks will be monitored with standard regulations for their crypto activities, similar to their other processes, but deterrent measures for crypto will no longer exist.
Cryptocurrency Trading Eases
Recently, the Federal Reserve has drawn attention with its actions regarding cryptocurrency markets. Additionally, there has been a retreat in the supervisory guidelines set for stablecoin transactions, published in 2023. This announcement aims to reduce uncertainties that may arise in the operational areas of financial institutions.
According to the board’s statement, intervention will occur only when extraordinary circumstances arise in banks’ operations. These developments are interpreted as efforts to align the current regulatory practices with the cryptocurrency market.
As previously stated, regulatory bodies, including the OCC which operates outside the SEC, have implemented regulations that permit banks to continue their crypto transactions. This situation is considered a significant step in the approach of institutional finance towards cryptocurrency markets.
The announcements indicate that financial regulators aim to adapt to existing and future developments in the digital asset sector. Under the new method, banks will be affected by oversight processes during their regular operations. The board emphasized its goal to contribute to market stability and reduce uncertainty. In summary, banks wishing to enter the cryptocurrency business now have a clearer path.
These updates are closely monitored by actors in the financial sector and market participants. The flexible approach applied by institutions can be seen as a strategy to facilitate the market’s development.
