Fed Clears Path for Bank Crypto and Token Innovation
Yesterday the Federal Reserve Board announced the withdrawal of guidance for banks related to their crypto asset and dollar token activities and related changes to its expectations for these activities.
Additionally, the Board has rescinded its 2022 supervisory letter establishing an expectation that state members banks provide advance notification of planned or current crypto asset activities.
What has changed? Banks don’t need to notify the Board about crypto asset activities any longer. Banks will just be monitored through a normal supervisory process instead.
The Board has also rescinded its 2023 supervisory letter regarding the supervisory nonobjection process for state member bank engagement in dollar token…
