The Federal Reserve has joined its colleagues in US banking regulators to delete his crypto guidance from previous years, including messages that banks need to get advance approvals before they get involved in crypto activity.
Now all three agencies are – including the Office of Comptroller of the Currency and Federal Deposit Insurance Corp. – Connected to turning the previous policies, leaving Crypto Matters in banks in the hands of their leaders and observations. In the absence of guidance, the banking industry awaits new laws from Congress to define how the industry for digital assets should work in the US
“These actions ensure that the board’s expectations remain in line with evolving risks and support further innovation in the banking system,” said Fed in Thursday’s statement announcing the change.
Bank monitoring of its state member Banks is one of the several roles performed by Fed, which is better known for his monetary policy work. The agency’s steps on Thursday specifically remove four pieces of Crypto guidance, which the board signed in 2022 and 2023, which highlights the risks of banks that the sector constitutes.
Fed officials “will instead monitor bank’s’ crypto activities through the normal supervision process.”
Read more: FDIC turns the US cryptobank policy that required prior approvals
