Federal Reserve Eliminates Specific Program to Police Crypto and Fintech Initiative
Stated that the “novel activities” oversight program is not needed
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- Written by Banking Exchange staff
The Federal Reserve announced it would shut down a new program that had just started two years ago, focused on watching how banks interact with emerging fintech and crypto-based technologies.
The central bank stated that the “novel activities” oversight program is not needed because the Federal Reserve understands the risks and how banks need to manage them, and will be central to its oversight anyway.
Tagged under Compliance; Tokenization; Risk Management; Blockchain; Bitcoin; Cryptocurrency; Digital; Duties; Feature; Feature3; Compliance/Regulatory;