Yesterday (Thursday), the American federal reserve officially abolished the two supervision guidelines, which had discouraged the American banks to engage in activities involving cryptocurrencies and stablecoins. More specifically, the regulator canceled two supervision letters, one from 2022 and another from 2023.
“These actions guarantee that the expectations of the Council remain aligned with the development of risks and support more innovation in the banking system,” said the Fed in its last announcement.
No prior notification is necessary
Member banks of the State are no longer required to inform the regulator before planned or current crypto-active activities. Instead, the Fed will monitor these activities thanks to the normal supervision process.
Jerome Powell, president of the Fed (Getty Images)
“A supervised banking organization should inform its main supervision contact point in the federal reserve before engaging in any activity related to the Crypto asset,” the Fed wrote in its letter of supervision of the appointment in 2022.
These previous measures have been implemented due to the concerns that the activities related to cryptocurrencies posed risks for security and solidity, consumer protection and financial stability.
The second letter, published in 2023, asked the banks to obtain non-objection from the Fed before engaging in activities related to the stable, called “Dollars tokens”.
“A member bank of the State seeking to engage in such activities of token in dollars, including for test purposes, must inform its point of main supervision contact in the federal reserve of the bank’s intention to engage in the proposed activity and must include a description of the proposed activity,” said the letter. This requirement has now been canceled.
A cryptocurrency regime
The withdrawal of these guidelines occurs when Donald Trump’s current administration is positioned as favorable to crypto. During his presidential campaign, Trump even described himself as the first president of Bitcoin.
With the support of several figures from the cryptographic industry, Trump is committed to simplifying cryptographic regulations – and has largely followed. He created a working group to examine the regulation of cryptography in the United States and ordered the creation of a national Bitcoin reserve.
In addition, the Securities and Exchange Commission (SEC), after the departure of Gary Gensler as president, abandoned several high -level proceedings against cryptographic societies and reduces the scope of its efforts to apply cryptography.
The new president of the SEC, Paul Atkins, is also considered favorable to the crypto, with an investment exhibition of $ 6 million declared to digital assets.
Yesterday (Thursday), the American federal reserve officially abolished the two supervision guidelines, which had discouraged the American banks to engage in activities involving cryptocurrencies and stablecoins. More specifically, the regulator canceled two supervision letters, one from 2022 and another from 2023.
“These actions guarantee that the expectations of the Council remain aligned with the development of risks and support more innovation in the banking system,” said the Fed in its last announcement.
No prior notification is necessary
Member banks of the State are no longer required to inform the regulator before planned or current crypto-active activities. Instead, the Fed will monitor these activities thanks to the normal supervision process.
Jerome Powell, president of the Fed (Getty Images)
“A supervised banking organization should inform its main supervision contact point in the federal reserve before engaging in any activity related to the Crypto asset,” the Fed wrote in its letter of supervision of the appointment in 2022.
These previous measures have been implemented due to the concerns that the activities related to cryptocurrencies posed risks for security and solidity, consumer protection and financial stability.
The second letter, published in 2023, asked the banks to obtain non-objection from the Fed before engaging in activities related to the stable, called “Dollars tokens”.
“A member bank of the State seeking to engage in such activities of token in dollars, including for test purposes, must inform its point of main supervision contact in the federal reserve of the bank’s intention to engage in the proposed activity and must include a description of the proposed activity,” said the letter. This requirement has now been canceled.
A cryptocurrency regime
The withdrawal of these guidelines occurs when Donald Trump’s current administration is positioned as favorable to crypto. During his presidential campaign, Trump even described himself as the first president of Bitcoin.
With the support of several figures from the cryptographic industry, Trump is committed to simplifying cryptographic regulations – and has largely followed. He created a working group to examine the regulation of cryptography in the United States and ordered the creation of a national Bitcoin reserve.
In addition, the Securities and Exchange Commission (SEC), after the departure of Gary Gensler as president, abandoned several high -level proceedings against cryptographic societies and reduces the scope of its efforts to apply cryptography.
The new president of the SEC, Paul Atkins, is also considered favorable to the crypto, with an investment exhibition of $ 6 million declared to digital assets.
