Senator Cynthia Lummis Applauds Federal Reserve’s Move to End Crypto Supervision
TLDR
- The U.S. Federal Reserve ends its crypto bank supervision program, improving market conditions.
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The Fed is shifting oversight of crypto activities into standard supervisory processes.
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The move reflects a broader regulatory pullback from the previous Biden administration.
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Regulatory agencies, like the FDIC, are allowing more flexibility for crypto banks.
Senator Cynthia Lummis recently celebrated the end of the Federal Reserve’s targeted supervision program for banks involved with cryptocurrency. This move represents the Federal Reserve’s decision to dismantle the “Novel Activities Supervision Program,” which was introduced in August 2023.
The program initially focused on overseeing financial…
