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Banks Face Stepped-Up Scrutiny From Fed Over Crypto Activities
The Federal Reserve announced a new program to step up oversight of lenders’ involvement in digital assets, the latest move by the US regulators to limit banks’ involvement in crypto. The Fed said Tuesday it was setting up the Novel Activities Supervision Program to strengthen supervision of activities related to digital assets by the lenders it oversees. Over the past year, the central bank and other regulators have repeatedly warned lenders to be wary of risks with the asset class. The central bank also released guidelines for state banks to get a Fed greenlight before issuing, holding or transacting in ... (full story)