US banks can offer Bitcoin services freely after Fed rule change

- Revocation of Pre-Approval Requirement for Banks' Cryptocurrency and Stablecoin Activities - Federal Reserve Reflects Commitment to Support Financial Innovation [Unblock Media] On April 24, 2025, the United States Federal Reserve (Fed) announced the revocation of the pre-approval requirement for banks' activities related to cryptocurrency and stablecoins. This means that banks can now provide cryptocurrency-related services without separate approval from the Fed, reflecting the Fed's commitment to supporting financial innovation. The Fed announced the withdrawal of supervisory guidelines issued in 2022 and 2023, stating that banks no longer need prior approval to initiate or sustain cryptocurrency and stablecoin-related activities. These activities will now be monitored through the Fed's general supervisory procedures. This change demonstrates the Fed's intent to support innovation within the financial system, creating an environment where banks can offer cryptocurrency-related services more freely. Regarding this measure, the Fed stated, "This action ensures that the Board's expectations are aligned with evolving risks and further supports innovation in the banking system," clearly indicating its stance on supporting financial innovation. This shift reflects the Fed's strategic direction aimed at promoting innovation in the financial system alongside the growth of the cryptocurrency industry. The Fed's move is expected to have a positive impact on the cryptocurrency market. With banks able to offer cryptocurrency-related services more freely, the adoption of major cryptocurrencies like Bitcoin and Ethereum could accelerate. In particular, Ethereum is experiencing an increasing demand for institutional staking, and there is a possibility of more ETFs being launched following regulatory clarity. Additionally, Ripple (XRP) is gaining attention due to its network structure compatible with Central Bank Digital Currencies (CBDCs). Solana's transaction speed and scalability are also being considered for experiments within the institutional financial realm. The Fed's decision creates an environment where banks can engage in cryptocurrency-related activities more freely and signifies its commitment to supporting innovation within the financial system. This is expected to contribute to the institutionalization and accelerated adoption of the cryptocurrency market.