đ The US Federal Reserve is stepping up its game in overseeing banks dabbling in the crypto world! Introducing the Novel Activities Supervision Program, which aims to:
- Limit certain crypto-related activities
- Create a fair playing field for banks in the digital asset industry
What's on the menu? Regulating activities like custody, lending, trading, issuance, and distribution of crypto, including stablecoins. Plus, keeping an eye on banks providing infrastructure to digital asset firms or working with distributed ledger tech companies.
The goal? Balancing financial innovation with risk management to keep the banking system safe and sound. So, banks, beware! The Fed is watching. đ