The federal reserve takes a major step back compared to the cryptographic activities of the banks.
In a new press releaseThe regulator claims that he withdraws four previous declarations and letters concerning the expectations of the Fed towards banking cryptography activities.
“The Federal Reserve Board announced Thursday the withdrawal of guidelines for banks linked to their crypto-active and token in dollars and related modifications in its expectations for these activities.
These actions guarantee that the expectations of the Council remain aligned with the development of the risks and in addition Support innovation in the banking system. »»
The reserve council officially removes its expectations from banks to give an opinion on cryptographic activities. He plans to continue to monitor cryptographic activities as part of a “normal supervision process”.
The Fed also withdraws a letter “concerning the process of non-object of supervision of the commitment of banks of members of the State in the activities of tokens in dollars”.
In partnership with the Federal Deposit Insurance Corporation (FDIC) and the Currency Controller office (OCC), the Federal Reserve also withdraws two joint declarations concerning crypto activities of the American bank.
“The Board of Directors will work with agencies to examine whether additional advice to support innovation, including crypto-active activities, are appropriate.”
This decision follows a tendency of regulators adopting a relaxed position against the cryptography sector since the reinstatement of the Trump administration.
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