Fed sharply withdraws crypto and dollar token regulatory guidelines

PANews reported on April 25 that according to the Fed's official website, the Fed has revoked the regulatory letter requiring state member banks to inform crypto asset activities in 2022 and the non-opposition procedure letter on US dollar token activities in 2023, and jointly with the FDIC to withdraw from two statements on crypto asset risks and liquidity risks jointly issued with the OCC in 2023. This move aims to supervise crypto activities through conventional regulatory processes and support innovation in the banking system. However, the January 2023 guidance, which has not been revoked, has caused regulatory consistency issues.