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The Federal Reserve has rescinded its 2023 cryptocurrency restriction policy, easing constraints on banks' "novel" crypto initiatives
BlockBeats News, December 18th, the Federal Reserve announced the withdrawal of a restrictive policy statement set to take effect in 2023, which had previously placed a "strongly opposed presumption" on state member banks' participation in the crypto industry. The Federal Reserve stated that this move reflects a shift in its understanding of associated risks and replaces it with a more flexible 2025 version of the policy.
Under the latest policy, state member banks with FDIC deposit insurance are still subject to strict restrictions under Section 24 of the Federal Deposit Insurance Act; however, state member banks without deposit insurance can now seek Fed approval on a case-by-case basis for certain previously prohibited activities. This means banks have expanded regulatory space in new activities related to crypto assets.
In its statement, the Federal Reserve noted that since the 2023 policy was released, both the financial system and regulatory agencies have evolved in their understanding of innovative products and services. While the previous policy did not outright ban crypto activities, it essentially hindered banks in practice from incorporating Bitcoin, Ethereum, and other crypto assets on their balance sheets or issuing stablecoins.
This adjustment is seen as another signal of the ongoing shift in the U.S. regulatory environment, against the backdrop of the Trump administration's public support for the digital asset industry. Previously, the Federal Reserve had already closed the 2023-established crypto bank special regulatory program earlier this summer and jointly issued digital asset custody guidelines with the OCC and FDIC.
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