U.S. banking regulators are taking steps to ease restrictions on cryptocurrency-related activities, signaling a shift toward a more crypto-friendly regulatory environment under the Trump administration.
On Thursday, the Federal Reserve, Federal Deposit Insurance Corporation (FDIC), and Office of the Comptroller of the Currency (OCC) announced the withdrawal of several supervisory documents that had previously urged banks to exercise caution in their dealings with digital assets.
The Fed said it was rescinding two supervisory letters that required banks to seek prior approval before engaging in activities involving crypto-assets and stablecoins. Additionally, the Fed, FDIC, and OCC jointly withdrew a pair of 2023 policy statements that had warned financial institutions about the risks associated with cryptocurrencies, including legal uncertainty, market volatility, and liquidity concerns.
These moves follow an earlier decision by the OCC in March to eliminate guidance that discouraged banks from offering crypto services, reflecting a broader push to relax the regulatory approach. In its latest statement, the Fed noted that regulators are now evaluating whether new guidelines are needed to better support innovation in the financial sector, including those involving crypto-assets.
