The Federal Reserve Board has announced the withdrawal of guidance for banks concerning their crypto-asset and dollar token activities, along with related changes to its expectations for these activities. This move ensures that the Board’s expectations stay aligned with evolving risks while supporting innovation within the banking system.
The Board is revoking its 2022 supervisory letter which required state member banks to provide advance notification of planned or current crypto-asset activities. Consequently, banks will no longer be expected to notify the Board, and instead, their crypto-asset activities will be monitored through the regular supervisory process.
Additionally, the Board is rescinding its 2023 supervisory letter regarding the nonobjection process for state member banks engaging in dollar token activities.
Lastly, the Board, in collaboration with the Federal Deposit Insurance Corporation, is withdrawing from two 2023 statements jointly issued by federal bank regulatory agencies about banks’ crypto-asset activities and exposures. The Board will work with these agencies to determine if further guidance to support innovation, including crypto-asset activities, is necessary.
— new from Federal Reserve Board (.gov)
