Overview

• The Federal Reserve withdrew its 2022 requirement for state member banks to notify regulators before engaging in crypto-asset activities.
• A 2023 rule requiring banks to obtain nonobjection approval for dollar token activities has also been rescinded.
• The Fed, FDIC, and OCC collectively withdrew two 2023 joint statements on crypto-related banking risks and exposures.
• The move aligns regulatory expectations with evolving risks and aims to support financial innovation in the digital asset space.
• Future guidance on crypto activities is under consideration, as Congress faces pressure to establish clearer digital asset regulations.