Analysis: Federal Reserve Ends Special Oversight Program for Crypto Businesses, US Media Reports Easing of Cryptocurrency Industry Regulation
According to a report by Jinse Finance, the Federal Reserve has announced the termination of its "Novel Activities Supervision Program" established in 2023, a program partly aimed at strengthening oversight of banks' cryptocurrency activities. Analysts believe this move continues the recent trend of U.S. regulators easing their oversight of the cryptocurrency industry. U.S. media noted that in April this year, the Federal Reserve withdrew guidance requiring banks to obtain regulatory approval before launching new cryptocurrency services. The other two U.S. federal banking regulators—the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation—have also taken similar steps, allowing banks to independently decide whether to engage in cryptocurrency activities under existing risk management requirements.
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