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Fed announces new oversight program for crypto activities; banks face stepped up scrutiny from Fed over crypto activities
️*FED ANNOUNCES NEW OVERSIGHT PROGRAM FOR CRYPTO ACTIVITIES
— Cable FX Macro (@cablefxmacro) August 8, 2023
*BANKS FACE STEPPED UP SCRUTINY FROM FED OVER CRYPTO ACTIVITIES pic.twitter.com/oBzFYzsLLn
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Federal Reserve Board provides additional information on its program to supervise novel activities in the banks it oversees
The Federal Reserve Board on Tuesday provided additional information on its program to supervise novel activities in the banks it oversees. Novel activities include complex, technology-driven partnerships with non-banks to provide banking services to customers; and activities that involve crypto-assets and distributed ledger or "blockchain" technology. The goal of the novel activities supervision program is to foster the benefits of financial innovation while recognizing and appropriately addressing risks to ensure the safety and soundness of the banking system. The program will be integrated into the Federal ... (full story)