On April 25th, the Federal Reserve announced the withdrawal of banking guidelines related to cryptocurrency and US dollar token activities on April 24th local time. The Federal Reserve also revoked a regulatory letter from 2022 that required banks to notify cryptocurrency activities in advance. Such financial institutions will no longer need to submit such notifications. Their encrypted asset activities will be monitored through normal regulatory processes. In 2022, the Federal Reserve provided recommendations on the steps that lending institutions under its supervision should take before entering the digital asset industry.
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