The Federal Reserve takes a big step back from monitoring the crypto activities of banks.
In a new press release, the regulator says that it takes four previous statements and letters with regard to the expectations of the Fed of Banking Crypto activities.
“The Federal Reserve Board announced on Thursday the withdrawal of guidance for banks with regard to their crypto-asset and dollar token activities and related changes in its expectations for these activities.
These actions ensure that the expectations of the board remain tailored to evolving risks and beyond Support for innovation in the banking system. “
The Reserve Board officially attracts its expectations of banks to give a prior notice of crypto activities. It is planning to continue to follow crypto activities under a ‘normal supervisory process’.
The FED also includes a letter “with regard to the supervisory non -objecting process for the involvement of the state bank in dollar tucking activities.”
In collaboration with the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC), the Federal Reserve also records two joint statements with regard to crypto activities in the US.
“The board will collaborate with the agencies to consider whether additional guidance to support innovation, including crypto-asset activities, is suitable.”
The move follows a trend of supervisors who take a relaxed attitude against the crypto sector since the restore of the Trump administration.
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Featured image: Shutterstock/Bluefish_ds/Salamahin
