The federal reserve has joined its colleagues bank regulators in the United States to remove its crypto orientations from previous years, including the opinions that banks should obtain pre-approbations before getting involved in cryptographic activity.
From now on, the three agencies – including the office of the currency controller and the federal DEPOSIT Insurance Corp. – joined these previous policies, leaving cryptographic questions among banks in the hands of their managers and compliance leaders. In the absence of advice, the banking industry expects new Congress laws to define how the digital asset industry should operate in the United States
“These actions guarantee that the expectations of the Council remain aligned on risk development and support innovation in the banking system more,” the Fed said in the Thursday press release announcing the change.
The banking supervision of its member banks of the State is one of the multiple roles carried out by the Fed, which is better known for its monetary policy. The agency move Thursday will specifically remove four cryptography councils on which the board of directors signed in 2022 and 2023, highlighting the risks for the banks posed by the sector.
Fed officials “will rather monitor the activities of banks’ cryptocurrency across the normal supervision process”.
Read more: the FDIC reverses the policy of cryptocurrency banks which required previous approvals
