Federal reserve joined Delete encryption directions From previous years, including notifications that indicate that banks must get the causes before participating in the encryption activity.
Now, all three agencies – including Currency Observer Office The Federal Insurance Company participated in the opposite of these previous policies, leaving Crypto issues in banks in the hands of its directors and executives for compliance. In the absence of guidance, the banking industry is awaiting new laws from Congress to determine how the digital asset industry works in the United States
“These measures include that the expectations of the Board of Directors remain compatible with advanced risks and support more innovation in the banking system,” the Federal Reserve Bank said in a statement on Thursday.
The banking supervision of the state members is one of the multiple roles performed by the Federal Reserve, which is famous for monetary policy works. On Thursday, the agency’s move will remove four pieces of encryption guidelines signed by the Council in 2022 and 2023, while highlighting the risks faced by the banks offered by the sector.
Federal reserve officials “will instead monitor the activities of the encrypted assets of banks through the regular supervisory process.”
Read more: FDIC reflects the encrypted banking policy that demanded previous approvals
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