US Banks Gain Freedom to Offer Crypto Services

The US Federal Reserve has removed a long-standing requirement for banks to seek approval before engaging in crypto activities. The move signifies the end of ‘Operation Choke Point 2.0′, allowing banks greater flexibility in the burgeoning cryptocurrency market. This shift eliminates prior restrictions on state-chartered banks’ ability to offer crypto services, including stablecoins and digital assets. Instead of needing formal approvals from the Fed, banks will now be supervised through standard banking channels. This signifies a major turning point for the industry, paving the way for greater innovation in the banking sector.