The Federal Reserve has removed outdated crypto banking restrictions, paving the way for increased innovation, access, and digital asset adoption. The central bank announced it is rescinding previous supervisory guidance related to banks’ crypto-asset activities, aligning oversight with emerging risks.
Key changes include:
* Revoking a 2022 letter requiring advance notification from state member banks on planned or current crypto-asset activities
* Integrating oversight into the standard supervisory process
* Revisiting guidance to support innovation, including crypto-activities
The decision follows similar moves by US banking regulators, including the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation. The White House has also praised the action, saying it will drive mainstream adoption of digital assets.
Source: https://news.bitcoin.com/federal-reserve-dismantles-crypto-barriers-scraps-biden-era-restrictions