#美联储终止新型活动监管# The Federal Reserve Board (FRB) announced on the 15th that it will end the emerging business oversight program that has been in place since 2023 and plans to incorporate the regulation of encryption assets and financial technology-related fields into its regular oversight process. The program was initiated and led by Vice Chairman Michael Barr, with the aim of understanding the risks associated with the rapid expansion of encryption assets and new technologies. After approximately two years of operation, the FRB believes it has gained sufficient experience and insights, and therefore has decided to shift towards integration.

The FRB's decision and the changes in regulatory guidelines regarding the termination of this special regulatory project are behind the shift in regulatory policy starting in 2025. As President Donald Trump is re-elected, U.S. financial regulators are gradually easing their traditional hardline stance on encryption.
In fact, in April this year, the prior approval guidelines required for banks to enter cryptocurrency-related businesses have been revoked. Furthermore, the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) have also canceled restrictive policies, shifting towards a system based on risk management, allowing banks to make their own judgments. At the same time, the Securities and Exchange Commission (SEC) is also promoting rule revisions to address the expansion of the digital asset market. Behind this series of initiatives, there are also supportive lawmakers like Senator Cynthia Lummis who hold a positive attitude towards cryptocurrency.
Avoiding excessive regulation and promoting healthy market development through the establishment of clear rules has become a fundamental policy in the United States.

Although the FRB has abolished the special regulatory program, it still requires financial institutions involved in encryption and fintech to continue adhering to standardized risk management systems. In other words, the FRB indicates that it will place them under the same regulatory framework as traditional banking. This news is viewed as a significant advancement by the digital asset industry. Especially considering the series of bankruptcies of large cryptocurrency companies between 2022 and 2023, authorities now show a certain understanding and have begun to take a response focusing on market maturity, which is undoubtedly of great significance. The market reaction has also been relatively positive, with Bitcoin (BTC) prices trending upward after the announcement. Experts analyze that this move enhances investor confidence in the normalization of the regulatory environment. However, some experts also point out that the trends in decentralized finance (DeFi) will be a key focus for future regulators, and a new risk management framework may be proposed in the future.