US Federal Reserve Removes Restrictions on Bank Crypto Use
The US Federal Reserve has taken a major step towards embracing crypto by scrapping key guidance that restricted banks from engaging in crypto and stablecoin activities.
In a statement on April 24, Fed announced that it will no longer issue the 2022 and 2023 supervisory letters. These letters earlier compelled state member banks to seek permission from the Fed for engaging in crypto services and capped the operations of stablecoins.
Thus, any crypto activity will be just supervised as a part of the regular supervisory process of the Fed. This is a positive signal of making the country more open and friendly towards cryptocurrencies, which has already been initiated under the Trump administration.
Michael Saylor, co-founder of…
