The US Federal Reserve has announced the withdrawal of previous guidelines that discouraged banks from engaging in cryptocurrency and stablecoin activities.
In an April 24 statement, the Federal Reserve Board of Governors stated:
"The Board is rescinding its 2022 supervisory letter establishing an expectation that state member banks provide advance notification of planned or current crypto-asset activities."
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Cryptocurrency-related activities will now be supervised through the Fed's standard supervisory processes. In addition, the Fed has announced the withdrawal of its 2023 supervisory letter affecting state bank involvement in stablecoin activities.