US Federal Reserve revoke guides and requirements for banks that want to operate with crypts

With this decision, the Fed binds to Occ and the Fdic in the withdrawal of restrictions applicable to banks and entities that wish to operate with cryptocurrencies in the US.

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• The agency eliminates guidelines that required previous approvals to operate with cryptoactives.
• The Occ and Fdic agencies also withdraw their previous orientations.
• The banking sector now expects legislative clarity by Congress.

The regulatory panorama for cryptocurrencies in the US banking system. UU. It has experienced substantial change. The Federal Reserve (Fed) announced that It will leave without effect the guidelines that until now forced financial institutions to request previous approvals before being involved in activities related to cryptoactive.

This decision aligns to the Fed With the other two main regulatory agencies of the US financial system: the Currency Comptroller Office (OCC) and the Federal Deposit Insurance Corporation (FDIC)which also eliminated their previous guides. Together, these measures represent a regulatory change that places responsibility in the hands of compliance executives and risk managers of each bank.

A strategic replication

According to COINDESK, Between 2022 and 2023 the Fed He had signed at least four guides aimed at his state member banks. They warned about Possible risks derived from contact with the crypto ecosystem, and prior authorization processes for certain activities were required.

These standards were designed to contain possible threats to financial stability, in a context of great uncertainty for the volatility of digital assets and platform collapses such as FTX.

However, in its most recent statement, the Fed He points out that he will now supervise the crypto activities of the banks “Through the normal supervision process”. That is, without specific interventions or differentiated mandates for the crypto sector.

According to the statement published on Thursday, this decision “It guarantees that the expectations of the council are maintained aligned with the risks in evolution and support even more innovation in the banking system.”

By eliminating the above restrictions, a space is opened for banks to make internal decisions about their participation in crypto projects, always within their internal marks of regulatory compliance.

Despite this, the Fed It does not give up its supervision role. The entity ensures that It will continue monitoring activities related to cryptoactive within its usual bank supervision function.

Legislative expectation

This withdrawal of federal agencies occurs at a time when the Congress He has not yet managed to establish a clear and definitive legal framework for cryptocurrencies in the United States. The lack of legislative consensus has left a normative vacuum that worries both regulators and market participants.

For now, financial institutions must operate in an environment with less direct intervention of regulators, but also with greater responsibility on their strategic decisions in the crypto sector.

Sector analysts agree that this stage of “Supervised self -regulation” It could accelerate the entry of some banks into the crypto market, while others could choose to act with great caution in the face of legal uncertainty.

This change of approach to the Fed, the Fdic and the Occ It could mark the beginning of a stage of greater flexibility for traditional banking in front of the digital asset ecosystem. Nevertheless, The absence of clear rules could also generate inequality in the way in which institutions evaluate and manage crypto risk.

Consequently, the pressure increases over the Congress American to definitively legislate on the sector. Until then, the decisions will mainly fall on the internal compliance departments of each bank.

Written article with the help of an AI content editor, edited by Angel Di Matteo / Diariobitcoin

Original image of Diariobitcoin, created with artificial intelligence, for free use, licensed under public domain.

WARNING: Diariobitcoin offers informative and educational content on various topics, including cryptocurrencies, AI, technology and regulations. We do not provide financial advice. Cryptactive investments are high risk and may not be adequate for all. Investigate, consult an expert and verify the applicable legislation before investing. I could lose all its capital.

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