The Fed winds down a program that kept tabs on banks' crypto activities
The central bank created the unit to monitor crypto and fintech activities after Silicon Valley Bank's abrupt implosion
Construction fencing in front of the Marriner S. Eccles Federal Reserve building in Washington, DC, US, on Thursday, July 24, 2025. (Alex Wroblewski/Bloomberg via Getty Images)
The Federal Reserve announced on Friday that it was shuttering a program first established two years ago that monitored banks' crypto activities.
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The central bank said it had improved its ability to oversee crypto and other digital activities undertaken by commercial banks, removing the need for a special in-house group for the task.
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"Since the Board started its program to supervise certain crypto and fintech activities in banks, the Board has strengthened its understanding of those activities, related risks, and bank risk management practices," the Fed said in a statement. It added that it was folding those monitoring activities into its ordinary, day-to-day supervisory work.
The program overseeing crypto and fintech activity from banks emerged after the spectacular collapse of Silicon Valley Bank and Signature Bank in early 2023. Regulators had sought to gauge how banks interacted with digital assets while consumers demonstrated a vigorous appetite for cryptocurrencies.