The Fed is retracting its regulatory letter from 2022 that requested prior notification for planned or ongoing crypto-asset endeavors.
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The US Federal Reserve has declared it would revoke guidance for banks involved in crypto asset and stablecoin-related activities.
”The Board is retracting its 2022 regulatory letter that set an expectation for state member banks to notify in advance about planned or ongoing crypto-asset activities,” the Board of Governors of the Federal Reserve clarified in a statement released on April 24.
From now on, any activities related to crypto will be overseen through the Federal Reserve’s standard supervisory procedures, it noted.
The Federal Reserve is additionally retracting its 2023 regulatory letter that influenced how state banks could participate in stablecoin activities.
This is an evolving story, and additional information will be provided as it becomes accessible.
