Finance
Banks Face Stepped-Up Scrutiny From Fed Over Crypto Activities
- The Fed announces new supervision program for digital assets
- State-chartered banks also face new hurdles on stablecoins
The Federal Reserve building in Washington, DC.
Photographer: Al Drago/BloombergThis article is for subscribers only.
The Federal Reserve said it is stepping up scrutiny of lenders’ involvement in digital assets, the latest move by the US regulators to limit banks’ involvement in crypto.
The Fed said Tuesday it had set up a program to strengthen oversight of activities involving digital assets and blockchain technology by the lenders it oversees. Over the past year, the central bank and other regulators have repeatedly warned lenders to be wary of risks associated with the asset class.