The Federal Reserve has announced that it will terminate a specific regulatory program targeting banks' cryptocurrency business.

BlockBeats News, August 16th, according to an official announcement, the Federal Reserve Board on Friday announced that it will terminate the "New Activities" supervisory plan and resume its supervision of banks' new business through regular supervisory processes.

Since the Board initiated the supervisory plan for bank-specific cryptocurrency and fintech businesses, the Federal Reserve has deepened its understanding of these businesses, associated risks, and bank risk management practices. Based on this, the Federal Reserve will reintegrate the relevant knowledge and supervision of these businesses into its standard supervisory processes and rescind the 2023 supervisory letter that established this plan.