Fed Withdraws Crypto-asset Guidance for Banks
The Federal Reserve Board announced on Thursday that it is withdrawing guidance for banks regarding their activities with crypto-assets and dollar tokens.
This decision aims to align expectations with evolving risks and further support innovation in the banking system.
The Board is revoking its 2022 supervisory letter, which had required state member banks to provide advance notification of crypto-asset activities. Going forward, the Board will not require such notifications and will monitor these activities through its regular supervisory process.
Additionally, the Board is revoking its 2023 supervisory letter related to the supervisory nonobjection process for banks engaging in dollar token activities.
In cooperation with the Federal Deposit Insurance Corporation, the Board is also joining the Office of the Comptroller of the Currency in withdrawing two 2023 joint statements about banks’ crypto-asset activities and exposures.
