Key Highlights:
- Fed will monitor crypto and fintech risks through regular supervision, ending its special program.
- Analysts say the decision reflects US regulatory changes and Trump’s softer crypto stance.
- SEC dropped probes and Treasury explores a national crypto reserve under new policies.
The US Federal Reserve System (Fed) has announced the end of its program for monitoring banking operations related to cryptocurrencies and fintech. Launched in August 2023, the initiative evaluated the risks banks faced when working with deposits, payments, and loans involving companies in the digital asset sector.
In its latest notice, the Fed stated that the insights gained during the program would now be integrated into the standard bank supervision process. The separate letter that established this oversight system has been repealed.
Analysts point out that this decision does not necessarily signal a relaxation of requirements but does reflect a shift in US policy. The Donald Trump administration has shown a more lenient attitude regarding digital asset regulation.
Since January 2025, the SEC has dropped several investigations into cryptocurrency companies, and the Treasury Department is considering creating a national cryptocurrency reserve.
The Fed is also experiencing personnel changes. Board of Governors member Adriana Kugler resigned on August 8, and Stephen Miran, head of the Council of Economic Advisers, has been appointed as interim successor until a permanent candidate is selected in January. Experts believe this move is intended to bolster the administration’s influence over the institution.
Analysts note that the topic of the Fed’s leadership has long been politically sensitive. Trump continues to openly criticize Chairman Jerome Powell, whose term ends in May 2026, and has attempted to pressure him to lower the key interest rate.
