The Federal Reserve Board is ending a program created in 2023 to supervise crypto assets and distributed ledger technology. The program focused on banks providing deposits, payments, and lending to crypto-related entities. The Fed will now monitor these activities through the normal supervisory process.

US government agencies have taken a softer approach to regulating digital assets under the Trump administration. The SEC dropped investigations into crypto companies, and the Treasury hinted at setting up a national crypto reserve. This shift does not necessarily indicate a scaleback in oversight of banks dealing with crypto.

President Trump has challenged the Fed’s independence in setting interest rates, criticizing Chair Jerome Powell. Powell’s term as chair ends in May 2026, while his term as a Fed governor ends in January 2028. Fed governor Adriana Kugler resigned, and Trump nominated Stephen Miran to fill her role temporarily.

Read more at Cointelegraph: US Fed To End Oversight Program For Banks’ Crypto Activities