According to Foresight News, the Federal Reserve Board announced that it will revoke previous guidance on bank crypto asset and US dollar token activities, and adjust related expectations to ensure consistency with changing risks while further supporting innovation in the banking system.
Specific measures include withdrawing the 2022 regulatory letter, no longer requiring state member banks to provide advance notice of crypto asset activities and instead monitoring through regular regulatory processes; revoking the 2023 letter regarding the non-objection process for state member banks engaging in US dollar token activities; and jointly with the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency, withdrawing two joint statements issued by federal banking regulators in 2023 concerning bank crypto asset activities and risk exposure.
