The Federal Reserve has formally rescinded its guidance that previously required banks to obtain prior approval before engaging in crypto-related activities.
This move comes after similar steps by the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC), fulfilling a campaign pledge by President Trump to ease restrictions on banks partnering with blockchain and cryptocurrency businesses.
The Fed said it will coordinate with other regulators to evaluate whether further guidance is needed to responsibly support innovation in crypto-assets, while maintaining safety and soundness in the banking system.