On April 24, U.S. banking regulators announced the withdrawal of several documents that previously urged banks to exercise caution when engaging in cryptocurrency and related activities. The Federal Reserve stated it was retracting supervisory letters requiring banks to seek prior approval from regulators before participating in crypto-asset and stablecoin operations. Additionally, the Fed collaborated with the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency to withdraw 2023 statements warning banks about crypto-related risks such as volatility, legal uncertainty, and liquidity concerns. This move reflects the Trump administration’s effort to adopt a more crypto-friendly stance, encouraging innovation in the crypto-asset space. In March, the OCC had already taken steps to ease restrictions for banks engaging in crypto activities by discarding previous guidance that urged caution.
— new from Reuters