Going forward, crypto and broader fintech exposures will be reviewed under the Fed’s standard supervisory process. “Since launching the program, the Board has strengthened its understanding of these activities, their risks, and the practices used to manage them,” the Fed said.
The step extends a broader softening in the Fed’s posture toward digital assets. In April 2025, the central bank scrapped guidance that required banks to pre-notify supervisors of planned or ongoing crypto operations. Still, not everyone is convinced this amounts to real regulatory progress: pro-crypto U.S. Senator Cynthia Lummis warned at the time that “the fight is far from over.”
Other U.S. agencies have moved in parallel. In January 2025, the Securities and Exchange Commission opened the door for banks to provide digital asset custody. By March, the FDIC said supervised institutions could engage in “crypto-related activities” without seeking prior sign-off from the agency.