The Federal Reserve Board announced on Thursday (April 24th) that it will revoke previous guidelines for banking institutions participating in crypto assets and dollar token activities, which is seen as a major policy shift in the cryptocurrency field and has sparked widespread industry attention. MicroStrategy Strategy founder and well-known Bitcoin supporter Michael Saylor quickly responded, believing this "opens the door for US banks to support Bitcoin".
Federal Reserve Revokes Restrictive Guidelines
According to the official press release, the Board decided to revoke a supervisory letter (SR 22-6 / CA 22-6) issued in 2022. The letter previously required state member banks regulated by the Federal Reserve to notify regulatory authorities in advance before planning or engaging in any crypto asset-related activities.
Additionally, the Federal Reserve also revoked the procedure requirements (supervisory letter SR 23-8 / CA 23-5) for state member banks to obtain "supervisory nonobjection" when participating in dollar token activities.
The Federal Reserve stated that revoking these guidelines is to "ensure the Board's expectations remain consistent with evolving risks and further support innovation in the banking system". In the future, the Federal Reserve will no longer require banks to provide advance notice, but instead monitor crypto asset activities through "normal regulatory procedures".
Simultaneously, the Federal Reserve, together with the Federal Deposit Insurance Corporation (FDIC), followed the Office of the Comptroller of the Currency (OCC) in withdrawing two joint statements issued by the three federal banking regulators in 2023. These statements primarily focused on risks in bank crypto asset activities and exposures, particularly mentioning potential fraud and scam risks in the crypto asset domain.
Michael Saylor: Banks Can Now Freely Support Bitcoin
Regarding the Federal Reserve's relaxation, MicroStrategy founder Michael Saylor, known for holding large amounts of Bitcoin, expressed a positive view on social media. Saylor posted on X: "Banks can now freely start supporting Bitcoin."
This Fed policy adjustment is considered another important regulatory complement following the US government's recent series of crypto policies (such as establishing a strategic Bitcoin reserve) to consolidate its leadership in the global digital asset field.
