On April 24, 2025, the Federal Reserve Board announced the withdrawal of guidance for banks related to their crypto-asset and dollar token activities. The Board said this is to ensure the Board's expectations remain aligned with evolving risks and further support innovation in the banking system.

First, the Board rescinded its 2022 supervisory letter, titled “Engagement in Crypto-Asset-Related Activities by Federal Reserve-Supervised Banking Organizations” which established an expectation that state member banks provide advance notification of planned or current crypto-asset activities. The Board said it will no longer expect banks to provide notification and will instead monitor banks' crypto-asset activities through the normal supervisory process.

Secondly, the Board’s 2023 supervisory letter, titled “Supervisory Nonobjection Process for State Member Banks Seeking to Engage in Certain Activities Involving Dollar Tokens”, was also repealed.

Lastly, the Board, along with the FDIC and the OCC, withdrew two 2023 statements jointly issued by the federal bank regulatory agencies regarding banks' crypto-asset activities and exposures. The Board said that it will work with the agencies to consider whether additional guidance to support innovation, including crypto-asset activities, is appropriate.

Read the FRB’s press release here.

Adam Witmer

Adam Witmer is a speaker, author, and founder of the Compliance Cohort. Adam has taught hundreds of seminars and training sessions to thousands of bankers throughout the United States and teaches on all areas of regulatory compliance. Adam has written five e-books that he never published, hit a grizzly bear while driving in a National Park, and is an award winning photographer and musician (though he no longer takes photos nor plays any instruments). In his spare time, Adam can be found kayaking on the lake, doing taekwondo with his kids, working on his (project) house, or spending time with his family.

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