Federal Reserve sunsets its novel-activities supervision program

What changed

The Federal Reserve ended its separate novel-activities supervision program and returned monitoring of bank crypto, distributed-ledger, and technology-driven activities to its standard supervisory process.

Who it affects

• Federal Reserve-supervised banks, crypto and fintech service providers, investment advisers, and clients using bank-provided digital-asset services

What is still open

• How examination intensity will differ under ordinary supervision

What it means for an advisor

• Treat the program change as a supervisory-process shift, not a withdrawal of safety-and-soundness obligations.