Recently, important changes have emerged in the field of financial regulation in the United States. The Federal Reserve System (Fed) announced that it will officially terminate the "Novel Activity Supervision Program" that began in 2023 on August 15, 2025. This program was originally designed to specifically supervise the business activities of banks involving Crypto Assets, stablecoins, and Blockchain technology.

After two years of in-depth practice, the Federal Reserve stated that it has fully grasped the risk characteristics in relevant fields and the practices of bank risk management. Based on this, it has decided to incorporate the regulation of Crypto Assets into the regular regulatory system, while rescinding the previously issued special regulatory notice.

This move aligns with the regulatory direction of the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC), highlighting that U.S. regulatory agencies are gradually relaxing special controls on encryption businesses. This policy adjustment means that in the future, the interaction between traditional banking and the crypto assets sector will occur within a conventional regulatory framework, promising a smoother integration.

The Federal Reserve's decision reflects an important shift in regulatory thinking. As crypto assets gradually become an essential part of the financial ecosystem, regulators are striving to find a balance between encouraging innovation and mitigating risks. Bringing crypto operations under regular regulation not only helps simplify the regulatory process but also provides clearer guidance for traditional financial institutions to participate in the digital asset market.

However, this change also brings new challenges. Financial institutions need to update their compliance systems to adapt to the new regulatory environment. At the same time, regulatory agencies also face the challenge of how to effectively regulate rapidly evolving encryption technologies within the existing framework.

Overall, the Federal Reserve's action signifies that crypto assets are gradually being integrated into the mainstream financial system, indicating that the boundaries between traditional finance and digital innovation are becoming increasingly blurred. This trend may drive further digital transformation of financial services, while also requiring market participants to more carefully weigh innovation against risks.