The Federal Reserve Decides Crypto Is Cool Now—Bye-Bye Old Rules
In a bold and long-awaited move, the Federal Reserve has decided that the old barriers against crypto banking are just so… last season, and it’s time to make way for the future. Innovation, access, and mainstream digital assets—here we come!
Crypto Banking Unleashed: Fed Crushes the Old Guard’s Overly Cautious Restrictions
On a rather uneventful Thursday (for most people), the Federal Reserve Board threw a curveball and announced the withdrawal of its outdated crypto banking restrictions. It’s like they realized that the future is already here and decided to stop pretending that digital assets are a passing fad. The move, which is supposed to “align oversight with emerging risks” (whatever that means), is a big win for anyone who’s been waiting for the crypto industry to be treated like, well, an actual industry.
This shift comes hot on the heels of Fed Chair Jerome Powell casually mentioning that the Fed would be loosening its grip on cryptocurrency regulations. Because, apparently, there’s only so much ‘tightening’ a central bank can do before it starts looking like an old, grumpy grandparent.
As part of this major shift, the Board decided to rescind a 2022 rule that made state member banks give a heads-up before they did anything even remotely related to crypto-assets. The new plan? Well, banks won’t have to notify the Fed before jumping into crypto. The Fed will just keep an eye on them like a concerned parent checking their kid’s internet history. The announcement boldly declared:
“We’re over the whole ‘notification’ thing. From now on, we’ll just monitor crypto activities through regular, boring oversight processes.”
And there’s more: The Fed also decided to scrap its 2023 supervisory letter, which had imposed a whole “nonobjection process” for dollar token activities. Now, the Fed has hinted it might revisit the whole thing as needed, which sounds like they’re just waiting for someone to ask. Their explanation? “We’ll consider whether additional guidance for crypto-asset activities is needed… eventually.”
Chairman Tim Scott was practically doing a happy dance, praising the Fed for finally giving crypto a chance. No more restrictions! Crypto can now breathe!
Even White House crypto czar David Sacks got in on the action, tweeting: “It’s fantastic to see the Fed taking a step back from the Biden-era rules that basically acted like a chokehold on crypto. Opening up the banking doors for crypto is the kind of innovation we need!” So, it seems like the federal agencies have finally decided that they can encourage innovation and oversight without, you know, suffocating the whole thing.
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2025-04-26 03:58