The Federal Reserve will cancel the plan to specifically regulate banks' cryptocurrency and fintech activities
Golden Finance reported that the Federal Reserve announced on Friday that it would cancel a so-called "novel activities" regulatory plan, which aimed to specifically regulate banks' cryptocurrency and fintech activities. Instead, such activities will be incorporated into its regular bank supervision. The Federal Reserve launched this new plan in 2023 to focus on how banks interact with these emerging technologies. However, the Federal Reserve stated that this is no longer necessary, as it has already strengthened its understanding of these risks and how banks manage them.
Golden Finance reported that the Federal Reserve announced on Friday that it would cancel a so-called "novel activities" regulatory plan, which aimed to specifically regulate banks' cryptocurrency and fintech activities. Instead, such activities will be incorporated into its regular bank supervision. The Federal Reserve launched this new plan in 2023 to focus on how banks interact with these emerging technologies. However, the Federal Reserve stated that this is no longer necessary, as it has already strengthened its understanding of these risks and how banks manage them.
