The Fed announced that it has ended its “new activities supervision program,” which it launched in 2023 to monitor banks’ cryptocurrency and financial technology activities.
The FED announced that these activities will now be monitored within the scope of standard audit processes.
The Fed's statement noted that the program has provided significant experience in activities related to crypto assets and innovative financial technologies, the risks they pose, and banks' risk management practices. It added that this knowledge and experience will be integrated into regular supervisory procedures.
It was also announced that the audit letter that launched the program in 2023 has been revoked. Thus, crypto banking activities will now be evaluated within the framework of the Fed's routine oversight mechanism.
*This is not investment advice.
