The Federal Reserve announced today that it will terminate its “novel activities” supervision program, launched in 2023, which focused increased scrutiny on banks’ crypto involvement.
In its press release, the Fed emphasized that the lessons learned from the oversight program will now move into traditional supervisory processes. It also rescinded the 2023 supervisory letter that created the special program.
The Fed will revert supervision of cryptocurrency and fintech activities back into its standard oversight framework. Fed officials said it has strengthened its understanding of these risks and banks’ risk management.
Moreover, the Fed’s action aligns with earlier moves by U.S. banking regulators to roll back crypto-related restrictions. In April, the Fed, FDIC, and OCC withdrew various guidance letters that had required banks to seek advance approval for cryptocurrency or stablecoin activity.
Potential Impact on Online Casino Operators
For operators offering online casino games that support crypto deposits, this shift may streamline banking operations significantly. Without the special oversight program, banks might process crypto-related transactions more smoothly.
Operators of online slot games accepting digital assets could see faster settlement and fewer compliance delays. This may improve liquidity and reduce friction for crypto payment rails. Nevertheless, banks still must follow safety and compliance standards.
Therefore, operators should continue implementing robust anti-money-laundering (AML) and know-your-customer (KYC) controls.
Looking Ahead
Overall, the Fed’s decision signals a normalization of crypto-related banking services. It reflects growing regulatory confidence in digital-asset risk controls.
Consequently, crypto-enabled services like online casino games and online slot games may gain broader financial integration.
The policy change paves the way for smoother interactions between crypto sectors and traditional banking.
Last Updated on by jonathan r
