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The Fed will cancel plans to specifically regulate banks' cryptocurrency and fintech activities.
[The Fed will cancel the plan to specifically regulate banks' Crypto Assets and fintech activities] The Fed announced on Friday that it will cancel a so-called "novel activities" regulatory plan aimed at specifically regulating banks' Crypto Assets and fintech activities, instead incorporating such activities into its regular banking supervision. The Fed launched this new plan in 2023 to focus on how banks interact with these emerging technologies. However, the Fed stated that it is no longer necessary to do so, as it has already strengthened its understanding of these risks and how banks manage them.