Federal Reserve Ends Oversight Program for New Banking Activities

According to BlockBeats, the Federal Reserve Board announced on Friday the termination of its 'New Activities' oversight program. The decision marks a shift back to standard regulatory procedures for supervising banks' new business activities. Since the program's inception, which focused on specific cryptocurrency and fintech operations within banks, the Federal Reserve has gained a deeper understanding of these activities, associated risks, and banks' risk management practices. This knowledge will now be integrated into the regular regulatory framework, leading to the withdrawal of the 2023 supervisory letter that established the program.