The Federal Reserve announced the termination of specific regulatory programs for banks' cryptocurrency businesses

ChainCatcher news, according to the official announcement, the Federal Reserve Board announced on Friday that it will terminate the "novel activities" supervisory program and restore oversight of banks' novel businesses through normal supervisory processes.

Since the committee launched its supervisory program targeting specific cryptocurrency and fintech activities of banks, the Federal Reserve has deepened its understanding of these activities, the associated risks, and banks' risk management practices. Based on this, the Federal Reserve will reintegrate the relevant knowledge and oversight of these activities into the standard supervisory process and revoke the supervisory letter establishing the program from 2023.