The Fed cancels its 2022 surveillance letter which called for notification before planned or crypto-active activities.
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The United States Federal Reserve has announced that it would withdraw advice for banks that were engaged in activities related to cryptographic assets and linked to stables.
“The Council cancels its surveillance letter in 2022 establishing an expectation that the members of the State provide a prior notification of the planned or current activities of the Crypto assets,” said the Council of Governors of the Federal Reserve in a press release of April 24.
Any activity related to the crypto will now be monitored through the normal supervision process of the federal reserve, he said.
The Federal Reserve also cancels its supervision letter in 2023 which had an impact on the way in which state banks could engage in Stablecoin activities.
This is a history in development, and additional information will be added as it will be available.
