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Federal Reserve Ends Crypto Supervision Program for Banks
Federal Reserve Ends Crypto Supervision Program for Banks
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BTCCSquare news:
The Federal Reserve has discontinued its Novel Activities Supervision Program, which monitored cryptocurrency-related activities in banks. The program, initiated in 2023, was designed to assess risk management practices and the integration of crypto into banking operations. With its closure, the Fed will revert to standard supervisory processes.
The decision follows the Fed's July clarification that banks are permitted to custody digital assets for clients. Insights gained from the program will inform future oversight frameworks. "The knowledge acquired will be integrated into our standard supervisory process," the central bank stated, emphasizing a shift toward normalized monitoring.
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