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 The US central bank confirmed Thursday, April 24, 2025, it has withdrawn key supervisory guidance documents related to banks’ crypto-asset activities.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.
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.
i believe it is necessary in a sense that it will be now easier for crypto enthusiasts to move freely in the country and there would be lesser fear or uncertainty regarding cryptocurrency however i also know that a lot of crypto enthusiasts would not be attracted to using centralized banks for their crypto but those who are not into crypto that much but are interested might stick with centralized platforms and therefore banks would benefit from them the most(https://coinedition.com/wp-content/uploads/2025/04/Saylor-Declares-Victory-as-Fed-Removes-Major-Hurdle-Between-Banks-Bitcoin-.jpg)
While many may applaud this development, there will also be others who may object and who might think that this is not necessary and even be an anathema to cryptocurrency...what is your stand?
While many may applaud this development, there will also be others who may object and who might think that this is not necessary and even be an anathema to cryptocurrency...what is your stand?
There is no denying that it is an interesting update and we now look forward to the banks implementing this and we would see how many of them are going to start supporting transactions relating to crypto. Trump is surely a clown, but it is obvious that there are a few positive changes relating to crypto that has been made since he became president.And that's why he promise right? That under his terms, they are going to be lax with regards to crypto. But I didn't expect that the Banks are going to bow so easy on his demand. I'm thinking that there is an obvious influence by the President. But in any case though, still good to hear that they are going to ease crypto bank rules. As this topic has been going on for like two weeks already but someone has to give in and so that is the Fed in this case.
In the Biden administration it certainly wouldn't be allowedIt is very obvious what the Biden administration thought about BTC and crypto, they wanted to impose as many regulations as possible and that affects the network negatively. Trump's administration has done a few things better, that does not mean Trump has not made bad decisions, like launching a shit memecoin, but his administration looks like it will treat crypto better.
In the Biden administration it certainly wouldn't be allowedIt is very obvious what the Biden administration thought about BTC and crypto, they wanted to impose as many regulations as possible and that affects the network negatively. Trump's administration has done a few things better, that does not mean Trump has not made bad decisions, like launching a shit memecoin, but his administration looks like it will treat crypto better.
With this development, it would be a lot easier (compared to the past) for banks to get involved with cryptocurrency especially if there is a good demand from their notable clients. Only some years ago, we know that banks and cryptocurrency are strangers or ENEMIES to each other but since the smell of profits and money is something that so attractive and irresistible we are now in an era when banks and cryptocurrency can finally be LOVERS.I'm not sure if this is an extension of SAB 121, but their goals are both to create non-cost and unfair barriers to prevent banks from being allowed to access and support the development of the crypto market. Maybe they're afraid that crypto will be strong enough to threaten fiat, or they're deliberately delaying the crypto wave so that traditional companies have enough time to prepare to jump into this market.
While many may applaud this development, there will also be others who may object and who might think that this is not necessary and even be an anathema to cryptocurrency...what is your stand?
But at the end of the day, if he is going to be pro-crypto then it will be good for us. Specially that he will be in the office for the next 4 years, many current and upcoming project should take advantage of it as it will be a welcoming and new breath of fresh air from regulators.We would see how things will progress, some people would hesitate to call Trump pro-crypto just yet, and you can understand what their thinking is, the man is kind of unstable and unpredictable, especially with his policies.
While many may applaud this development, there will also be others who may object and who might think that this is not necessary and even be an anathema to cryptocurrency...what is your stand?
FWIW, it comes down whether bank in US willing to allow or support cryptocurrency-related transaction. For bank that threaten to close it's customer bank account due to cryptocurrency related TX, i expect only some of them will change their stance.
Frankly, I don't trust banks or their friendship with Bitcoin. Can the two traditional enemies become close friends? I doubt it, because banks are fully centralized, while Bitcoin is fully decentralized.
I believe that such facilitations for banks to deal with Bitcoin and cryptocurrencies may be part of a long-term policy pursued by governments to contain Bitcoin rather than ban it. I hope I'm wrong and that this shift is actually toward adopting Bitcoin and cryptocurrencies, not containing them and centralizing them by linking them to banks.