According to CoinDesk, the Federal Reserve has launched a new regulatory project to oversee banks' cryptocurrency activities and further clarified that banks under its supervision are required to obtain approval before engaging in digital asset activities. This move does not change any rules for crypto banks, but only clarifies how the central bank intends to handle its regulatory affairs, incorporating transactions with the crypto industry into a new "novel activities regulatory project" in which the Fed's digital asset experts will work together with the regulator's regular supervisors. The Fed also issued a more detailed explanation of how banks under its supervision can obtain pre-approval for cryptocurrencies.