The Federal Reserve announced Friday it has officially ended its Novel Activities Supervision Program, a framework established in 2023 to enhance oversight of banks engaged in emerging technology sectors like cryptocurrency, distributed ledger technology (DLT), and complex fintech partnerships.
Oversight of such activities will now be integrated into the Fed’s regular supervisory processes, which the central bank says can adequately identify and mitigate risks.
According to the official press release, the Fed hinted that it has gained sufficient understanding of these novel activities and how banks manage their exposure.
The now-discontinued program was initially designed to cover activities such as stablecoin issuance, tokenized securities, API-driven banking partnerships with non-banks, and services to crypto-related clients. Fed officials had leveraged academic and industry expertise to ensure supervision struck the right balance between innovation and stability.
Acco
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