Fed adds a new layer of bureaucracy for US banks engaging in crypto asset act...
The U.S. Federal Reserve Board has issued new instructions for banks engaging in crypto asset activities that include running their plans past their Fed supervisor. The United States Federal Reserve Board issued a letter Tuesday to its supervisory officers, staff and the banks they supervise regarding activities with crypto assets. The letter covers the preliminary steps a bank must go through before engaging in activities with crypto and instructs banks to notify the board before proceeding with those activities.The letter, signed by the directors of the regulatory and community affairs....
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