The Federal Reserve lifts restrictions on banks regarding Crypto Assets, marking a milestone transformation for the Crypto Assets industry.

The Federal Reserve (FED) announced this week the lifting of restrictions on banks' Crypto Assets activities, a decision that marks a significant victory for the Crypto Assets industry. With regulators shifting towards standardized oversight, banks no longer need The Federal Reserve (FED) approval to operate stablecoin, which is an important milestone for Crypto Assets innovation. The Federal Reserve Board announced on Thursday that it has withdrawn guidance related to banks' crypto assets and stablecoin activities, and updated expectations for these activities. Part of this policy change involves rescinding a regulatory letter issued in 2022 that required member banks to provide advance notice of any planned crypto asset activities.

New regulations in policies have changed. The new regulations mean that banks no longer need to report such activities in advance, simplifying the operational process. At the same time, The Federal Reserve (FED) has also eliminated similar orders that were set to take effect from 2023, allowing state member banks to participate in stablecoin activities without prior approval. This marks a shift towards more flexible regulation of Crypto Assets, eliminating the need for prior approval and further promoting innovation within the banking system. In addition, The Federal Reserve (FED) will jointly withdraw two joint statements released in 2023 with the Federal Deposit Insurance Corporation (FDIC), which outline the regulators' views on the risks associated with Crypto Assets and provide preliminary guidance for financial institutions operating in this area. After the adjustments, The Federal Reserve (FED) will work with other relevant agencies to assess whether updated guidance is needed to support innovation in Crypto Assets-related activities.

It is worth noting that just a few weeks ago, the Office of the Comptroller of the Currency (OCC) also took similar measures. This federal banking regulator also removed restrictions on financial institutions participating in crypto assets. However, prior to the implementation of these policies, some industry insiders claimed that they and their companies were denied access to traditional banking services solely due to their association with the digital asset industry. This situation has been viewed by some as a targeted crackdown behavior akin to "Operation Chokepoint 2.0." The industry actively embraces change. It is worth noting that this ruling is one of a series of measures by the Trump administration to support the Crypto Assets industry. Prior to this, the U.S. Department of Justice (DOJ) had announced that it would no longer bring criminal charges against Crypto Assets exchanges, developers, or users involved in regulatory violations, and this change occurred after the dissolution of the National Cryptocurrency Enforcement Team (NCET).

In addition, the U.S. Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC) have also reduced the size of the departments responsible for the enforcement of Crypto Assets this year. All these factors have jointly promoted the positive development of the Crypto Assets industry, making the outside world full of expectations for the future.

In summary, the consistent shift of these policies provides a new ray of hope for the Crypto Assets industry. How to safely and efficiently promote the development of this innovative field in the future remains to be seen! What do you think about the Federal Reserve's policy shift? What do you think it means for the future of crypto assets? Leave a comment in the discussion section! #加密货币监管 #The Federal Reserve (FED) new policy #金融创新 #stablecoin