Source: Cointelegraph
Original: “Federal Reserve Withdraws Anti-Crypto Guidance for Banks”
The U.S. Federal Reserve has announced that it is withdrawing previous guidelines aimed at preventing banks from engaging in activities related to cryptocurrencies and stablecoins.
The Board of Governors of the Federal Reserve stated in a release on April 24, “The Board is rescinding its 2022 supervisory letter, which set expectations for state member banks to provide advance notice before planning or engaging in crypto asset activities.”
The statement noted that any future activities related to crypto will be supervised through the Federal Reserve's normal regulatory processes.
Additionally, the Federal Reserve will also withdraw its 2023 supervisory letter, which affected the way state banks could participate in stablecoin activities.
The initial guidance issued by the Federal Reserve pointed out that cryptocurrencies could pose a range of risks, including potential threats to the safety and soundness of the U.S. financial system, consumer protection, and financial stability.
“Certain types of crypto assets, such as stablecoins, could pose risks to financial stability if widely adopted, potentially creating instability by triggering market runs or disrupting payment systems.”
At that time, the Federal Reserve also emphasized that cryptocurrencies are often used for money laundering and financing terrorism.
The Federal Reserve simultaneously withdrew its warning to banks to be vigilant against crypto fraudsters.
The Federal Reserve, along with the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC), also rescinded two statements issued in 2023 that warned banks to be cautious of potential fraud risks when interacting with parties in the crypto asset space.
The rescinded joint statement added, “Crypto asset companies may issue inaccurate or misleading statements and disclosures, which could constitute unfair, deceptive, or abusive acts, thereby causing serious harm to retail and institutional investors.”
This withdrawal marks the Federal Reserve's first significant action regarding cryptocurrency activities since the Trump administration, which had taken several measures aimed at making the U.S. more friendly towards cryptocurrencies and supporting related innovations.
Additionally, the U.S. Securities and Exchange Commission (SEC) also rescinded a controversial regulation on January 23. This regulation had required banks and financial institutions holding crypto assets to record them as liabilities on their balance sheets. The withdrawal of this measure eliminated regulatory barriers that hindered the development of crypto banking, clearing some obstacles for industry growth.
Related: SEC Delays Decision on Polkadot ETF
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