The Federal Reserve has established a new supervisory program to increase oversight of crypto activities by the banks it regulates. The U.S. central bank also released additional guidelines for banks to follow before engaging in the issuance, possession, or transactions involving U.S. dollar stablecoins.
Fed Steps up Crypto Oversight
The Federal Reserve announced the establishment of the Novel Activities Supervision Program on Tuesday to increase oversight of novel activities by the financial institutions under its supervision. The Fed explained:
The program will focus on novel activities related to crypto-assets, distributed ledger technology (DLT), and complex, technology-driven partnerships with nonbanks to deliver financial services to customers.
Moreover, the central bank stressed that the program “will be risk-focused and complement existing supervisory processes.”
On Tuesday, the Federal Reserve Board also released guidelines mandating banks to adhere to certain requirements
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