US Federal Reserve Ends Novel Activities Program for Banks’ Crypto Services

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2025-08-16 15:05:02

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The Federal Reserve has discontinued its specialized oversight of banks' cryptocurrency and fintech operations, folding these activities into standard supervisory processes. The Novel Activities Supervision Program, launched during the 2023 banking crisis to monitor crypto-related risks, was terminated after regulators gained sufficient understanding of the sector.

Senator Cynthia Lummis hailed the move as a victory against what crypto advocates called 'Operation Chokepoint 2.0,' marking progress toward regulatory parity for digital assets. While the banking sector's crypto operations will now face routine examination, the Fed maintains vigilance over emerging risks in the space.

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