- Fed rescinds 2022 and 2023 guidance on crypto and dollar token activities for state banks.
- Banks no longer need special approval to engage in digital asset services.
- Saylor says the move frees banks to support Bitcoin-related services.
Banks in the United States are now free to support Bitcoin, according to Strategy executive chairman Michael Saylor, following a significant policy shift by the U.S. Federal Reserve. The US central bank confirmed Thursday, April 24, 2025, it has withdrawn key supervisory guidance documents related to banks’ crypto-asset activities.
Specifically, the Fed pulled back a 2022 supervisory letter that had required state-chartered member banks to provide advance notice before engaging in crypto-related activities. It also withdrew a 2023 letter that outlined procedures for banks to seek supervisory non-objection before participating in dollar token initiatives.
This marks a notable change in how the Fed plans to supervise bank involvement in crypto. Rather than imposing separate requirements, the central bank will now oversee such activities through its standard supervisory processes.
Related: Michael Saylor’s ’21 Truths’: Bitcoin Evangelist Doubles Down on Digital Gold
In coordination with the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC), the Fed also backed away from two joint statements issued in 2023. These statements had previously warned banks about the risks associated with crypto exposure and related services.
Regulators said the documents are no longer necessary and noted that new guidance may be issued to foster innovation while addressing emerging risks in the financial system.
Michael Saylor: Fed Shift Opens Door for Banks to Support Bitcoin
Saylor responded to the policy change by highlighting its potential impact on Bitcoin adoption. “Banks are now free to begin supporting Bitcoin,” he wrote on X. He interpreted the Fed’s withdrawal as a green light for financial institutions to enter the digital asset space more freely.
The decision may allow more banks to offer crypto-related products, such as custody solutions, payment rails, and stablecoin issuance. Industry analysts say this could increase institutional participation in crypto markets and help legitimize blockchain technologies within the U.S. financial system.
Related: Saylor Welcomes SEC Chair Paul Atkins, Sees Positive Outlook for Bitcoin
However, banks must still comply with all applicable laws and regulations, and the Federal Reserve made clear that it will continue to supervise digital asset activities through regular channels.
One Major Obstacle Left
Despite the Federal Reserve’s rollback of most of its crypto-related guidance, some barriers remain. As journalist Eleanor Terrett noted, only 95% of the Fed’s anti-crypto policies have been rescinded.
In particular, Custodia Bank founder Caitlin Long pointed out that the Fed has not yet withdrawn its January 27, 2023, guidance, which was formally approved by a unanimous 7-0 Board vote. She suggested this could indicate the Fed has not yet fully complied with President Trump’s executive order on promoting digital asset innovation.
Notably, this rule prevents banks from issuing tokens like stablecoins. However, Long suggested this matter would be addressed in the upcoming stablecoin regulations.
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