The Federal Reserve Board has announced the termination of the "Novel Activity Supervision Program" established in 2023, which aimed to regulate specific activities related to crypto assets and distributed ledger technology.

In a notice on Friday, the Federal Reserve stated that it would end this program created in August 2023 and return to "monitoring banks' novel activities through normal regulatory processes." The 2023 program was said to adopt a "risk-oriented" approach, including the regulation of banks providing deposit, payment, and lending services to "crypto asset-related entities and fintech companies."

"Since the Board launched the project to regulate specific cryptocurrency and fintech activities of banks, it has enhanced its understanding of these activities, associated risks, and banks' risk management practices," the Federal Reserve stated. "Therefore, the Board is reintegrating this knowledge and oversight of these activities into standard regulatory processes and is rescinding the regulatory letter that established the program in 2023."

While this does not necessarily mean a reduction in regulatory scrutiny of banks dealing with cryptocurrency companies, under the Trump administration, U.S. government agencies adopted a more lenient approach to the regulation and handling of digital assets.

Since January, the U.S. Securities and Exchange Commission (SEC) has withdrawn several investigations and enforcement actions against cryptocurrency companies, and statements from the Treasury Department's leadership indicate that the department will align its policies with the White House's establishment of a national cryptocurrency reserve.

U.S. President Donald Trump has publicly questioned the Federal Reserve's independence in deciding federal interest rates, often personally criticizing Chairman Jerome Powell, whom he nominated in 2017. Powell's term as chairman is expected to end in May 2026, while his term as a Federal Reserve governor will not conclude until January 2028.

Federal Reserve Board member and Federal Open Market Committee member Adriana Kugler resigned on August 8. Trump nominated Stephen Miran, chairman of the Council of Economic Advisers, to fill Kugler's position until January, at which point he is expected to select a permanent replacement.

Related: Hong Kong Introduces New Regulations for Cold Wallet Crypto Asset Custody, Comprehensive Upgrade of Regulatory Standards

Original: “Federal Reserve to End Special Supervision Program for Banks' Cryptocurrency Activities”

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。