On Thursday (April 25), the Federal Reserve announced the withdrawal of several documents urging banks to exercise caution when involved in cryptocurrencies and related activities, and simultaneously updated the relevant business expectation standards. This news brought good news to the currency circle.
The Fed said it is rescinding a regulatory letter issued in 2022 that states member banks should obtain prior regulatory approval before engaging in cryptoasset and stablecoin activities; Also repealed is the 2023 Federal Reserve guidance document on the "regulatory no-objection" procedure for state member banks to participate in the U.S. dollar token business.
Under previous guidance documents, regulators have warned banks to be wary of volatility, legal uncertainty and liquidity risks when considering whether to offer crypto-related services or accept crypto firms as customers. After the revocation, the Fed will no longer require banks to perform reporting operations, but will instead test activity through the usual regulatory process.
In addition, the Federal Reserve, together with the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC), decided to withdraw two policy statements issued by federal banking regulators in 2023 regarding banks' cryptoasset business and risk exposures, while urging banks to remain vigilant about cryptocurrency-related risks.
In its statement announcing the changes, the Fed also said that regulators would then investigate whether the new guidance "supports innovation, including cryptoasset activity."
The Fed's move to remove guidance marks the latest move by the Trump administration to take a more crypto-friendly stance.
It is worth mentioning that in March this year, the Office of the Comptroller of the Currency was the first U.S. banking regulator to take action to make it easier for banks to engage in crypto activities, while also rescinding the previous U.S. administration's guidelines urging banks to be cautious in the crypto space.
As of press time on Friday (April 25), Bitcoin was up 1.55% to $93,645.
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