Federal Reserve Lifts Crypto Notification Rules for Banks

The Federal Reserve has discontinued its notification requirements for banks regarding crypto activities, eliminating prior notice obligations. This change means banks will now be subject to standard supervision procedures when engaging in crypto or digital dollar token operations. The move follows decisions by the FDIC and OCC to remove prior approval requirements for banks offering such services. In addition, the Federal Reserve is aligning its supervisory approach with other banking regulators by withdrawing joint statements that previously addressed regulatory concerns about bank activities related to crypto assets.