$BTC
🚨 Urgent 🚨 The Federal Reserve has abandoned a key policy against cryptocurrencies 🇺🇸 ⚡️📢
The Federal Reserve has withdrawn its 2023 guidance that effectively prevented uninsured banks from becoming members of the Federal Reserve and engaging in cryptocurrency-related activities 📢
Why this matters:
✅ The 2023 guidance was used to deny Custodia Bank a key account at the Federal Reserve
✅ It restricted what state-chartered banks monitored by the Federal Reserve could do with digital assets
✅ It exceeded the rules imposed by other banking regulators
Now it has been removed ⚡️
The Federal Reserve says it will replace that with a new framework aimed at allowing "responsible innovation" while maintaining the safety of banks 📢⚡️
This does not automatically give the green light to cryptocurrency banks, but it removes a key regulatory obstacle that was used to keep them away 📢
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