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 <h2 id="federal-reserve-intensifies-crypto-scrutiny-for-banks">Federal Reserve Intensifies Crypto Scrutiny For Banks</h2> 
 <p>The central bank’s newly unveiled initiative aims to fortify the supervision of activities tied to digital assets, extending its watchful eye over lenders engaged in this evolving space. Throughout the past year, regulatory bodies including the <a rel="noopener noreferrer nofollow" title="Federal Reserve" href="https://thebittimes.com/tag/federal-reserve.html">Federal Reserve</a> have issued several cautionary advisories, underscoring the potential hazards associated with cryptocurrencies.</p>  
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 <p>The collaboration between banks and non-lender organizations, including fintech companies, that enable cryptocurrency-related services for users, is of grave concern. The novel activities supervision program of the <a rel="noopener noreferrer nofollow" title="Federal Reserve" href="https://thebittimes.com/tag/federal-reserve.html">Federal Reserve</a> is created to take advantage of financial innovation’s benefits while judiciously managing risks to protect the stability of the banking system, the Fed stated.</p> 
 <p>Previously, the <a rel="noopener noreferrer nofollow" title="Federal Reserve" href="https://thebittimes.com/tag/federal-reserve.html">Federal Reserve</a>, alongside the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency, highlighted apprehensions regarding the volatile nature of cryptocurrencies. Mitigating the migration of uncontrollable risks into the banking sector remains a priority.</p> 
 <p>This regulatory stance has elicited opposition from crypto proponents who view the policies as unfavorable to the asset class. Notably, a recent denial of a crypto firm’s application to join the <a rel="noopener noreferrer nofollow" title="Federal Reserve" href="https://thebittimes.com/tag/federal-reserve.html">Federal Reserve</a> system underscored the regulators’ cautious approach.</p>  
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 <p>“The fear is that engagement with such volatile assets could put the traditional banking sector at risk,” warned Howard Fischer, a partner at the New York-based law firm Moses Singer. Fischer asserted that unless the digital asset space faces regulation similar to traditional financial institutions, apprehensions are unlikely to dissipate.</p>  
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 <p>Also Read: Bitcoin Price Prediction: BTC Stability, Volatility And Potential Rebound</p> 
 <h2 id="fed-continues-efforts-to-bring-crypto-regulations">Fed Continues Efforts To Bring Crypto Regulations</h2> 
 <p>As the <a rel="noopener noreferrer nofollow" title="Federal Reserve" href="https://thebittimes.com/tag/federal-reserve.html">Federal Reserve</a> takes proactive steps to address the evolving crypto landscape, the implications for traditional banking and the broader financial ecosystem remain subjects of intense scrutiny and ongoing dialogue.</p> 
 <p>In addition, the Federal Reserve mandated that state-chartered banks get permission before taking part in stablecoin activities that facilitate payments. This decision might have an impact on lenders in jurisdictions that are still overseen by the central bank but are thought to be crypto-friendly.</p> 
 <p>Also Read: Bitcoin Miner Marathon Sees Revenue Jump in Q2, Losses Narrow</p> 
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Federal Reserve Intensifies Scrutiny Of Banks' Crypto Involvement

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