The Federal Reserve has indicated a shift in the regulation of banking operations with digital assets. Vice Chair for Supervision Michelle Bowman stated in the Senate about revising previous restrictions and developing capital requirements for stablecoin issuers. The regulator is betting on an 'innovation-friendly' approach while maintaining supervisory frameworks.
Clear rules instead of targeted bans
On February 26, during hearings in the Senate Banking Committee, Bowman confirmed that the Fed has already canceled a number of norms that effectively hindered the implementation of new technologies. This concerns documents from 2022-2023 that required prior notification and written consent to initiate operations with digital assets and dollar tokens.
According to her, the regulator intends to ensure 'clarity regarding the permissibility of banks' activities' in the field of digital assets and is ready to provide feedback on new use cases. This concerns the storage of crypto assets, tokenized payments, blockchain services, and the issuance of stablecoins.
In fact, the Fed is moving away from a containment model to a managed admission model.
Capital and liquidity for stablecoins
The key block concerns the development of capital and liquidity standards for stablecoin issuers. Bowman noted that work is being done in collaboration with other banking regulators within the requirements of the GENIUS Act.
This means an attempt to integrate the issuance of stablecoins into the existing banking architecture, rather than moving it into a separate legal regime. With this approach, banks will be able to work with tokenized dollars in the presence of clear reserve and liquidity requirements.
For the market, this is an important signal. Stablecoins may obtain the status of a regulated banking instrument, rather than remaining in a gray area.
What has already been canceled
In 2025, the Fed phased out a number of crypto-specific barriers:
requirements for prior approval for operations with digital assets have been canceled
the Novel Activities Supervision program has been terminated
joint statements from 2023 on crypto risks have been withdrawn
guidance on Regulation H has been updated
in February 2026, the process of excluding 'reputational risk' from oversight criteria was launched
The last point is particularly important. Previously, banks faced informal restrictions due to regulators' concerns about 'reputational risks' when working with crypto companies. Eliminating this factor may simplify the industry's access to banking services.
A separate emphasis on small banks
Bowman separately emphasized the need for proportional oversight. According to her, requirements developed for the largest banks should not automatically apply to smaller and less complex institutions.
This opens up space for regional and community banks that may become conduits for digital services in the traditional financial system.
For the industry, this is a potential driver. Small banks are more often willing to test new technologies provided there are clear rules and limited regulatory pressure.
Reconfiguration of oversight
The set of measures looks like a course correction rather than full liberalization. The Fed is not abandoning oversight; it aims to integrate digital assets into existing banking regulatory frameworks.
The focus remains on three areas:
clear definition of permissible operations
creation of a capital regime for stablecoins
elimination of uncertainty for banks working with blockchain infrastructure
Such an approach reduces legal uncertainty that has hindered institutional participation in recent years.
What this means for the market
If the Fed indeed solidifies new rules, banks will gain more space for custodial services, asset tokenization, and settlements in stablecoins. This could accelerate the integration of digital tools into the traditional financial system.
However, much will depend on the specific parameters of capital and liquidity. Too strict standards may limit the economic attractiveness of issuing stablecoins.
In the short term, the market perceives the statements as a softening of rhetoric. In the medium term, the text of future regulatory documents will be key.
The Fed is taking a step towards clarity. Now the question is whether this signal will turn into a sustainable regulatory framework for banks working with digital assets.
#ФРС #Stablecoins #BinanceSquare #Write2Earn
