The US Federal Reserve (FED) launched a significant transformation by removing some regulations imposed on banks for crypto currency transactions. While the obligation of the notification letter, which entered into force in 2022, was canceled, the Stablecoin guide published in 2023 is no longer valid.
Banks open more
In a statement made by the Federal Reserve, it was announced that banks’ obligation to notify pre -regulatory institutions for crypto currency transactions will no longer be sought. Thus, it is aimed that financial institutions can take more agile and innovative steps in the field of digital assets. The Authority stated that this decision will be evaluated with a more functional control approach.
Within the scope of the new approach, the classical control mechanisms are preserved, but it is paved the way for banks to develop more flexible methods in digital assets. With the simplification of the legislation, it is considered that especially the banks operating in the sector may have a more entrepreneurial attitude towards crypto currencies.
Regulatory institutions state that this change process is a beginning and that new guides can be published in the future. Thus, it is aimed to make banks more compatible with both the current financial system and the developing crypto world.
Regulations are stretching, the sector is moving
It is observed that many authorities, including the Financial Audit and Regulatory Authority, have shifted to a more flexible line for digital assets. The more active roles of banks in this field is interpreted as a development that can increase dynamism in the sector. This tendency gives a strong signal that the prints of the “Operation Choketpoint 2.0” prints, which have long been ongoing in the US market.
Not only the Federal Reserve, but also the Stock Exchange Commission (SEC) has softened its approach by terminating some crypto money cases. This development points out that a period of more balanced and open to cooperation has begun in the regulatory environment.
Paul Atkins’s description of “Bitcoin will be evaluated priority” shows that this transformation is not only structural but also strategic. It is thought that the US approach to crypto currencies has become more pronounced.
Financial organizations become more prone to producing innovative solutions with the alleviation of regulatory pressures. The sector representatives state that the new approach implemented can both increase productivity in digital assets and facilitate the adaptation of technological developments.
This new approach in the crypto currency industry can directly affect global competitiveness. These steps taken by the United States can allow banks to become more prepared and flexible in working with digital financial vehicles.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
