The Federal Reserve said Friday that it was ending a supervisory program aimed at monitoring U.S. banks offering crypto services.

America's central bank back in 2023 forced banks wanting to get involved in crypto and other fintech activities to notify the Fed and follow strict guidelines.

"Since the Board started its program to supervise certain crypto and fintech activities in banks, the Board has strengthened its understanding of those activities, related risks, and bank risk management practices," the U.S. central bank said in a statement, adding that it was rescinding the program.

"Novel" activities, such as crypto asset custody and offering stablecoin or tokenization services, will now be monitored through the "normal supervisory process" rather than a specialized program with stricter guidelines, the Federal Reserve Board said.

This story is developing and will be updated.

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