美联储终结 2023 年加密监管计划，转向常规化监督

Core Viewpoint - The Federal Reserve has announced the termination of the "novel activities" regulatory program specifically for overseeing banks' cryptocurrency and fintech-related operations, integrating this oversight into the regular banking supervision framework, marking a new phase in its regulatory strategy towards emerging fintech sectors [1][3][4] Group 1: Regulatory Changes - The specialized regulatory program was initiated in 2023 to monitor the interactions between banks and emerging technologies like cryptocurrencies and fintech, focusing on compliance risks associated with digital asset custody and blockchain payment systems [3] - The Federal Reserve has indicated that after nearly two years of practice, it has significantly enhanced its understanding of the risk characteristics in this sector and the risk management models of banks, thus completing the historical mission of the specialized program [3] - The adjustment reflects a more mature attitude from regulators towards fintech innovation, transitioning from a reactive stance following incidents like the FTX collapse to a more stable regulatory environment as banks' involvement in crypto assets becomes clearer [3] Group 2: Industry Response - The fintech industry has responded positively to the regulatory framework integration, with compliance leaders indicating that this consolidation will help reduce policy uncertainty and allow companies to better plan their innovation paths [3] - However, analysts caution that this regulatory model adjustment does not imply a relaxation of standards, and banks must remain vigilant regarding the risks associated with emerging business models [3][4] Group 3: Long-term Impact - The optimization of the regulatory mechanism reflects the Federal Reserve's approach to balancing the encouragement of financial innovation with the maintenance of systemic stability, which is expected to have a profound impact on the long-term development of the U.S. fintech industry [4]