The regulator withdrew the supervisory letter of 2022, which obliges banking institutions to report on plans to work with cryptocurrencies in advance, and the requirement of 2023 for a separate procedure for approval of transactions with stablecoins. Now the activities of banks with digital assets will be controlled in the framework of general supervisory accounting.
In addition, the department, together with the Federal Corporation of Deposits Insurance (FDIC) and the control of the monetary circulation controller (OCC), withdrew two statements from 2023 about significant risks for banks when working with cryptocurrencies.
The abolition of restrictions is aimed at supporting and developing innovations in the US banking industry. The Fed will work with other agencies to understand whether new rules or instructions are needed to further improve the regulation of the cryptocurrency sector.
Earlier, The Wall Street Journal reported that cryptocurrency companies in the United States began to make out licenses for banking services.
Source: Bits
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