The Federal Reserve revokes banking guidance related to cryptocurrency activities

According to BlockBeats, on April 25th, the Federal Reserve announced the revocation of regulatory guidelines for banks' cryptocurrency assets and US dollar token businesses, and simultaneously updated relevant business expectation standards. This move aims to ensure that regulatory requirements keep pace with risk evolution and further support innovation in the banking system. The announcement shows that the Federal Reserve has officially abolished the regulatory letter issued in 2022, which previously required state member banks to report in advance about their proposed or existing cryptocurrency businesses. After revocation, the Federal Reserve will no longer require banks to fulfill their reporting obligations and will instead monitor related activities through regular regulatory procedures. At the same time, the guidance document on the "regulatory no objection" procedure for state member banks to participate in the US dollar token business in 2023 was also abolished. In addition, the Federal Reserve and the Federal Deposit Insurance Corporation have jointly decided to withdraw from two policy statements jointly issued by federal banking regulators in 2023 regarding banks' cryptocurrency business and risk exposure. The Office of the Superintendent of Currency had previously withdrawn from the statement. The Federal Reserve has stated that it will collaborate with other regulatory agencies to evaluate the need for new guidance frameworks to support innovation, including cryptocurrency businesses.