Did the Fed Just Institutionalize Operation Choke Point 2.0?
The Breakdown
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Federal Reserve's Novel Activity Supervision Program for Crypto and FinTech
The chapter discusses the Federal Reserve's new program, the Novel Activity Supervision Program, which aims to oversee crypto activity at banks and manage the risks associated with innovative activities like crypto custody, trading, and stablecoin issuance. The program will work alongside existing supervision teams and vary the level of supervision based on the level of engagement in novel activities.
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