U.S. banking regulators announced on Thursday they were pulling back several documents that urge banks to show caution when dabbling in cryptocurrency and related activities. The Federal Reserve said it was withdrawing a pair of supervisory letters stipulating that banks should seek advance approval from regulators before engaging in crypto-asset and stablecoin activities. In addition, the Fed joined the Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency in withdrawing a pair of 2023 statements urging banks to be vigilant around crypto-related risks, the latest move by the Trump administration to strike a more crypto-friendly stance.

US bank regulators pull back guardrails on bank crypto activities

On 2025-01-12, U.S. banking regulators announced they were withdrawing documents that previously urged banks to be cautious when engaging in cryptocurrency and related activities. The Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency jointly withdrew supervisory letters and statements from 2023 that required banks to seek advance approval from regulators for crypto-asset and stablecoin activities. This move is seen as a shift towards a more crypto-friendly stance by the Trump administration.