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🚀 Just in: The Federal Reserve takes a deeper dive into crypto-related activities for US banks
The Federal Reserve takes a deeper dive into crypto-related activities for US banks, signaling a major shift in the financial landscape. 💼 Embracing innovation and digital trends, the Fed's move opens up new opportunities for financial institutions to explore.
🔍 Here's a quick rundown of what this entails:
- 🏦 US banks can now engage in crypto custody services.
- 💳 Digital assets gain recognition within the traditional financial system.
- 💱 Potential boost for the crypto market, fostering mainstream adoption.
Details -
- The Federal Reserve has introduced the "Novel Activities Supervision Program" to oversee crypto activities, focusing on cryptocurrencies, distributed ledger technology (DLT), and emerging asset classes. The program aims to ensure safe and sound practices, encompassing activities such as crypto custody, lending, stablecoin issuance, and technology-driven partnerships with nonbanks.
- The program's oversight extends beyond major players to include regional banks with assets of $10 billion or less. While some in the crypto community see the move as potentially stifling innovation, others view it as a positive shift in tone towards the crypto industry from influential quarters like the Federal Reserve.
Exciting times ahead! 🌐 Let's discuss how this game-changing move might impact the world of finance. 💬
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Federal Reserve (@federalreserve) on X
@federalreserve provides additional information on its program to supervise novel activities in the banks it oversees: https://t.co/6MiItQwO7V
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