The Federal Reserve announced it will end its novel activities supervision program and revert to monitoring banks’ crypto and fintech activities through the standard supervisory process. This move comes after the Board gained valuable knowledge on these activities, related risks, and bank risk management practices during the program’s operation. The decision is part of integrating this expertise back into the existing regulatory framework, effectively rescinding the 2023 supervisory letter that established the program.
Source: https://www.federalreserve.gov/newsevents/pressreleases/bcreg20250815a.htm