U.S. banking regulators announced on Thursday they were pulling back several documents that urge banks to show caution when dabbling in cryptocurrency and related activities.
The Federal Reserve said it was withdrawing a pair of supervisory letters stipulating that banks should seek advance approval from regulators before engaging in crypto-asset and stablecoin activities.
In addition, the Fed joined the Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency in withdrawing a pair of 2023 statements urging banks to be vigilant around crypto-related risks.
Under the prior guidance, regulators warned banks to be wary of volatility, legal uncertainty and liquidity risks when considering whether to provide crypto-related services or take on crypto companies as clients.
Scrapping that guidance marks the latest move by the Trump administration to strike a more crypto-friendly stance. In its statement announcing the changes, the Fed said regulators would be looking into whether new guidance to “support innovation, including crypto-asset activities, is appropriate.”
In March, the OCC was the first US regulator to move to make it easier for banks to engage in crypto activities, similarly moving to scrap guidance adopted under the previous administration urging banks to be cautious in the space.
Source : Reuters
A growing body of evidence shows that rising inflows of immigrants and refugees can trigger…
Standard Chartered says country to benefit from shifts in global supply chains, strong non-oil sector.…
In October, the company listed a $130 million sukuk on the Muscat Stock Exchange. Oil…
Two GCC markets account for 91% of total funding deployed across MENA. Startups in Saudi…
From urbanization to agriculture, land systems touch nearly every aspect of development. That’s why the…
US objections have not killed off the 15 percent global minimum tax, but they have…