The US fed to finish the oversight program for the Banks’ crypto activities

The Federal Reserve Board said it would end a “novel administration activity of activities” set in 2023 to administer certain activities related to crypto assets and distributed ledger technology.

In a notice on Friday, the Fed Says It was a sunset program created in August 2023 and returned to “monitoring banks’ novel activities through the normal administration process.” The 2023 program said it was “perceived to risk” and Include the administration of banks Provides “deposits, payments, and lending to crypto-asset-related creatures.”

“Because the Board began its program to oversee certain crypto and fintech activities in banks, the Board strengthened understanding those activities, related risks, and bank risk management skills,” Fed said. “As a result, the Board incorporates that knowledge and the administration of those activities back into the standard administration process and saves the 2023 letter administration that creates the program.”

Although it is not necessary to suggest a scaleback on the administration of banks dealing with crypto companies, US government agencies have created a softer approach to regulating and handling digital assets under the Trump administration.

Since January, the Securities and Exchange Commission has dropped many investigations and actions on implementing crypto companies, and Statements from leadership to Treasury It is suggested that the department fall into the White House policy line setting a national crypto reserve.

Related: Trump to sign the Executive order punishing financial institutions for ‘Debanking’: Surprise

Fed leadership has become a political issue

U.S. president Donald Trump has publicly challenged Fed’s independence in determining federal interest rates, which often criticizes Chair Jerome Powell, whom he appointed in 2017.