Withdrawal of crypto-asset and dollar-token guidance
Document text
Research, not advice. Part of the Bitcoin research archive (October 2026). Claims labelled unverified, contested or fringe are reported, not endorsed; statuses of bills and rules are as of the date checked. Government, court and patent records are public domain; the research notes are CC BY 4.0.
Federal Reserve Board - Federal Reserve Board announces the withdrawal of guidance for banks related to their crypto-asset and dollar token activities and related changes to its expectations for these activities
Skip to main content
An official website of the United States GovernmentHere's how you know
Official websites use .gov
A .gov website belongs to an official government organization in the United States.
Secure .gov websites use HTTPS
A lock () or https:// means you've safely connected to the .gov website. Share sensitive information only on official, secure websites.
Back to Home
Board of Governors of the Federal Reserve System
Stay Connected
Federal Reserve Facebook Page
Federal Reserve Instagram Page
Federal Reserve YouTube Page
Federal Reserve Flickr Page
Federal Reserve LinkedIn Page
Federal Reserve Threads Page
Federal Reserve X Page
Federal Reserve Bluesky Page
Subscribe to RSS
Subscribe to Email
Recent Postings
Calendar
Publications
Site Map
A-Z index
Careers
FAQs
Videos
Contact
Search
Submit Search Button
Advanced
Toggle Dropdown Menu
Board of Governors of the Federal Reserve System
The Federal Reserve, the central bank of the United States, provides
the nation with a safe, flexible, and stable monetary and financial
system.
Main Menu Toggle Button
Sections
Search Toggle Button
Search
Search Submit Button
Submit
About
the Fed
Structure of the Federal Reserve System
The Fed Explained
Board Members
Advisory Councils
Federal Reserve Banks
Federal Reserve Bank and Branch Directors
Federal Reserve Act
Currency
Board Meetings
Board Votes
Careers
Do Business with the Board
Holidays Observed - K.8
Ethics & Values
Contact
Requesting Information (FOIA)
FAQs
Economic Education
Fed Financial Statements
Financial Innovation
News
& Events
Press Releases
Speeches & Testimony
Calendar
Videos
Photo Gallery
Conferences
Monetary
Policy
Federal Open Market Committee
About the FOMC
Meeting calendars and information
Transcripts and other historical materials
FAQs
Monetary Policy Principles and Practice
Notes
Policy Implementation
Policy Normalization
Policy Tools
Reports
Monetary Policy Report
Beige Book
Federal Reserve Balance Sheet Developments
Review of Monetary Policy Strategy, Tools, and Communications
Overview
Supervision
& Regulation
Supervision
Community Banks
Regional Banks and Foreign Banks with U.S. Assets < $100 Billion
Large Banks and Large Foreign Banks
Global Systemically Important Banks
Financial Market
Utilities
Consumer
Compliance
Resources for Supervised Institutions
Reports
Federal Reserve
Supervision and Regulation Report
Reporting Forms
Recent Reporting Form Updates
Information Collections
Under Review
Financial
Statements
Securities Exchange Act of 1934
Applications/Structure Change
FFIEC
Municipal and
Government Securities
Activities Monitoring
Micro Data Reference Manual
Legal Developments
Enforcement Actions and
Legal Developments
Mergers, Acquisitions, and Other Applications
Process
Filing
Information
Board and Reserve
Bank Actions
Supervision and Regulation Letters
By Year
By Topic
Regulatory and Policy Resources
Federal Reserve Act
Bank Holding Company Act
Regulations
Supervision Manuals
Federal Reserve Regulatory Service
Disaster Preparedness and Recovery Resources
Banking and Data Structure
Beneficial Ownership
Reports
Large Commercial Banks
Minority Depository
Institutions
U.S. Offices of Foreign Entities
Financial Holding
Companies
Interstate
Branching
Securities
Underwriting and Dealing Subsidiaries
State Member Banks Supervised by the Federal Reserve
Financial
Stability
Financial Stability Assessments
About Financial Stability
Types of Financial System Vulnerabilities & Risks
Monitoring Risk Across the Financial System
Proactive Monitoring of Markets & Institutions
Financial Stability & Stress Testing
Financial Stability Coordination & Actions
Responding to Financial System Emergencies
Cooperation on Financial Stability
Reports
Financial Stability Report
Payment
Systems
Regulations & Statutes
Regulation CC (Availability of Funds and Collection of Checks)
Regulation II (Debit Card Interchange Fees and Routing)
Regulation HH (Financial Market Utilities)
Other Regulations and Statutes
Payment Policies
Federal Reserve's Key Policies for the Provision of Financial Services
Guidelines for Evaluating Joint Account Requests
Overnight Overdrafts
Payment System Risk
Sponsorship for Priority Telecommunication Services
Reserve Bank Payment Services & Data
Automated Clearinghouse Services
Check Services
Currency and Coin Services
Daylight Overdrafts and Fees
FedNow® Service
Fedwire Funds Services
Fedwire Securities Services
Fiscal Agency Services
Master Account and Services Database
National Settlement Service
Financial Market Utilities & Infrastructures
Supervision & Oversight of Financial Market Infrastructures
Designated Financial Market Utilities
International Standards for Financial Market Infrastructures
Research, Reports, & Committees
Federal Reserve Payments Study (FRPS)
Payments Research
Reports
Payments System Policy Advisory Committee
Economic
Research
Meet the Researchers
Working Papers and Notes
Finance and Economics Discussion Series (FEDS)
FEDS Notes
International Finance Discussion Papers (IFDP)
Data, Models and Tools
Economic Research Data
FRB/US Model
Estimated Dynamic Optimization (EDO) Model
Survey of Consumer Finances (SCF)
Data
Data Download Program
Bank Assets and Liabilities
Aggregate Reserves of Depository Institutions and the Monetary Base - H.3
Assets and Liabilities of Commercial Banks in the U.S. - H.8
Assets and Liabilities of U.S. Branches and Agencies of Foreign Banks
Charge-Off and Delinquency Rates on Loans and Leases at Commercial Banks
Senior Financial Officer Survey
Senior Loan Officer Opinion Survey on Bank Lending Practices
Bank Structure Data
Large Commercial Banks
Minority Depository Institutions
Structure and Share Data for the U.S. Offices of Foreign Banks
Business Finance
Commercial Paper
Finance Companies - G.20
New Security Issues, State and Local Governments
New Security Issues, U.S. Corporations
Dealer Financing Terms
Senior Credit Officer Opinion Survey on Dealer Financing Terms
Exchange Rates and International Data
Foreign Exchange Rates - H.10/G.5
International Summary Statistics
Securities Holdings and Transactions
Statistics Reported by Banks and Other Financial Firms in the United States
Structure and Share Data for U.S. Offices of Foreign Banks
Financial Accounts
Financial Accounts of the United States - Z.1
Household Finance
Consumer Credit - G.19
Household Debt Service Ratios
Mortgage Debt Outstanding
Survey of Consumer Finances (SCF)
Survey of Household Economics and Decisionmaking
Industrial Activity
Industrial Production and Capacity Utilization - G.17
Interest Rates
Selected Interest Rates - H.15
Micro Data Reference Manual (MDRM)
Micro and Macro Data Collections
Money Stock and Reserve Balances
Factors Affecting Reserve Balances - H.4.1
Money Stock Measures - H.6
Other
Yield Curve Models and Data
Consumers
& Communities
Regulations
Community Reinvestment Act (CRA)
All Regulations
Supervision & Enforcement
CA Letters
Enforcement Actions
Independent Foreclosure Review
Community Development
Housing and Neighborhood Revitalization
Small Business and Entrepreneurship
Employment and Workforce Development
Community Development Finance
Rural Community and Economic Development
Conferences
Research & Analysis
Survey of Household Economics and Decisionmaking
Research Publications & Data Analysis
Community Advisory Council
Resources for Consumers
Frauds and Scams
Mortgage and Foreclosure Resources
Federal Reserve Community Development Resources
Home
News & Events
Press Releases
Press Release
April 24, 2025
Federal Reserve Board announces the withdrawal of guidance for banks related to their crypto-asset and dollar token activities and related changes to its expectations for these activities
For release at 5:30 p.m. EDT
Share
The Federal Reserve Board on Thursday announced the withdrawal of guidance for banks related to their crypto-asset and dollar token activities and related changes to its expectations for these activities. These actions ensure the Board's expectations remain aligned with evolving risks and further support innovation in the banking system.
The Board is rescinding its 2022 supervisory letter establishing an expectation that state member banks provide advance notification of planned or current crypto-asset activities. As a result, the Board will no longer expect banks to provide notification and will instead monitor banks' crypto-asset activities through the normal supervisory process.
The Board is also rescinding its 2023 supervisory letter regarding the supervisory nonobjection process for state member bank engagement in dollar token activities.
Finally, the Board, together with the Federal Deposit Insurance Corporation is joining the Office of the Comptroller of the Currency in withdrawing from two 2023 statements jointly issued by the federal bank regulatory agencies regarding banks' crypto-asset activities and exposures. The Board will work with the agencies to consider whether additional guidance to support innovation, including crypto-asset activities, is appropriate.
For media inquiries, please email [email protected] or call 202-452-2955.
Joint Statement on Crypto-Asset Risks to Banking Organizations (withdrawn) (PDF)
Joint Statement on Liquidity Risks to Banking Organizations Resulting from Crypto-Asset Market Vulnerabilities (withdrawn) (PDF)
SR 22-6 / CA 22-6: Engagement in Crypto-Asset-Related Activities by Federal Reserve-Supervised Banking Organizations (withdrawn) (PDF)
SR 23-8 / CA 23-5: Supervisory Nonobjection Process for State Member Banks Seeking to Engage in Certain Activities Involving Dollar Tokens (withdrawn) (PDF)
Last Update:
April 24, 2025
Board of Governors of the Federal Reserve System
About the Fed
News & Events
Monetary Policy
Supervision & Regulation
Financial Stability
Payment Systems
Economic Research
Data
Consumers & Communities
Connect with the Board
Tools and Information
Contact
Publications
Freedom of Information (FOIA)
Office of Inspector General
Budget & Performance | Audit
No FEAR Act
Español
Website Policies | Privacy Program
Accessibility
Stay Connected
Federal Reserve Facebook Page
Federal Reserve Instagram Page
Federal Reserve YouTube Page
Federal Reserve Flickr Page
Federal Reserve LinkedIn Page
Federal Reserve Threads Page
Link to Federal Reserve X Page
Link to Federal Reserve Bluesky Page
Subscribe to RSS
Subscribe to Email
Board of Governors of the Federal Reserve System
20th Street and Constitution Avenue N.W., Washington, DC 20551