#美联储终止新型活动监管# The Federal Reserve Board (FRB) announced on the 15th that it would end the emerging business supervision program implemented since 2023 and plans to incorporate the regulation of encryption assets and financial technology-related fields into its regular supervisory processes. This program was initiated by Vice Chair Michael Barr, aimed at understanding the risks associated with the rapid expansion of encryption assets and new technologies. After approximately two years of operation, the FRB believes it has gained sufficient experience and insights, and thus decided to shift towards integration.

The FRB's decision regarding the change in regulatory guidelines and the termination of this special regulatory project is behind the shift in regulatory policies starting from 2025. With President Donald Trump being re-elected, U.S. financial regulators' traditional hardline stance on encryption is gradually easing.
In fact, in April of this year, the prior approval guidelines required for banks entering cryptocurrency-related businesses were revoked. Furthermore, the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) have also canceled restrictive policies, shifting to a system based on risk management where banks make their own judgments. At the same time, the Securities and Exchange Commission (SEC) is also promoting rule revisions to address the expansion of the digital asset market. Behind this series of initiatives, there are also supportive lawmakers such as Senator Cynthia Lummis advocating for cryptocurrency.
Avoiding excessive regulation and promoting healthy market development through the establishment of clear rules has become a fundamental policy in the United States today.
Although the FRB has abolished the special regulatory program, it still requires financial institutions involved in encryption and fintech to continue complying with standardized risk management systems. In other words, the FRB indicates that it will place them under the same regulatory framework as traditional banking. This news is seen as a significant progress by the digital asset industry. Especially considering the series of bankruptcies of large cryptocurrency companies between 2022 and 2023, the authorities now show a certain understanding and have begun to adopt a response that focuses on market maturity, which is undoubtedly of great significance. The market response has also been relatively positive, with the price of Bitcoin (BTC) trending upwards after the announcement. Experts analyze that this move boosts investor confidence in the normalization of the regulatory environment. However, some experts also point out that the trends in decentralized finance (DeFi) will be a key focus for future regulators, and a new risk management framework may be proposed in the future.