The Federal Reserve’s recent decision to end its “novel activities” supervision program marks a turning point in U.S. oversight of digital assets, according to Caitlin Long, founder and CEO of Custodia Bank.
What Happened: Speaking at the Wyoming Blockchain Symposium in Jackson Hole, Long said the change underscores “a thawing but not yet melted” shift by the Fed toward crypto.
“This year we have two Fed governors, Mickey Bowman and Chris Waller, attending and speaking. Last year, no one from the Fed was allowed,” Long told CNBC in an interview at the event. “Personnel is policy. There’s no question things are thawing, but they’re not completely melted yet at the Fed.”
The Fed announced Friday that crypto-related bank activities will now fall under standard supervisory processes rather than the special framework established under its “novel activities” supervision …