The Federal Reserve has decided to close a program established two years ago to monitor banks' crypto activities, citing improved oversight capabilities. The central bank will now incorporate these monitoring tasks into its regular supervisory functions following lessons learned from the collapses of Silicon Valley Bank and Signature Bank in 2023.

The U.S. Federal Reserve is discontinuing its "Novel Activities Supervision Program" aimed at overseeing banks involved in crypto, citing a strengthened understanding of those activities. This decision reflects a broader regulatory pullback and a shift in approach towards digital assets under the current administration.