The Federal Reserve System of the United States (Fed) has announced the conclusion of its special monitoring program for banking operations related to digital assets. This initiative was implemented in August 2023 to analyze the risks arising from banks’ interactions with companies in the cryptocurrency and fintech sectors.
This is reported by Business • Media
The Impact of Political Changes on Crypto Industry Regulation
According to Fed representatives, all findings and knowledge gained from the program will be integrated into the regular banking supervision process. A separate letter that formally regulated this control system has also been revoked. Experts note that while the decision does not lower existing requirements, it indicates a shift in the political course in the US. The Donald Trump administration demonstrates a more favorable attitude towards digital assets compared to the previous leadership.
Since the beginning of 2025, the Securities and Exchange Commission (SEC) has halted several investigations into cryptocurrency companies, while the Department of the Treasury is working on establishing a national cryptocurrency reserve.
Personnel Changes at the Fed and Political Pressure
Meanwhile, changes are ongoing in the leadership of the Fed. On August 8, Board member Adriana Kugler resigned. Stephen Miran, the head of the Council of Economic Advisers, has been appointed as the acting chair until a permanent candidate is chosen in January. Experts link these personnel shifts to the administration’s desire to strengthen its influence over the regulator.
“Analysts have emphasized that the topic of Fed leadership has long become politically sensitive. Trump continues to publicly criticize Chair Jerome Powell, whose term ends in May 2026, and is attempting to pressure him into lowering the key interest rate.”
It is worth noting that Republican and Trump ally Anna Paulina Luna has called on the US Department of Justice to initiate a criminal investigation against the Fed chair. All these events highlight the political tension surrounding the regulation of the financial system and digital assets in the US.