The US Federal Reserve has recently decided to withdraw its guidance for banks involved in cryptocurrency and stablecoin activities. The Board of Governors of the Federal Reserve announced the rescinding of its 2022 supervisory letter, which required state member banks to provide advance notice of their crypto-asset activities. Moving forward, any crypto-related activities will be overseen through the Federal Reserve’s standard supervisory process. Additionally, the Federal Reserve is also revoking its 2023 supervisory letter that had implications on how state banks could participate in stablecoin activities. This decision marks a significant shift in the regulatory approach to cryptocurrencies by the Federal Reserve. This is an evolving story, and more details will be shared as they emerge.