Ultima Markets美联储政策转向：鼓励银行参与加密创新，撤回限制性指南

Core Viewpoint - The Federal Reserve has released new guidelines encouraging the banking sector to engage in certain innovative activities, marking a significant shift in its approach to financial innovation, particularly in relation to digital assets [1][2]. Group 1: Policy Shift - The Federal Reserve's Vice Chair, Michelle Bowman, emphasized the need to create pathways for responsible and innovative products and services, indicating a balance between risk management and innovation encouragement [2]. - The withdrawal of the 2023 policy statement that restricted banks' involvement in certain crypto activities is seen as a substantial step in integrating digital currencies and blockchain into the traditional financial framework [2][7]. - There are internal disagreements within the Federal Reserve regarding the pace of financial innovation versus associated risks, as highlighted by Michael Barr's opposition to the policy shift [2]. Group 2: Regulatory Developments - The Federal Reserve is considering granting "skinny" master account access to eligible fintech companies and crypto entities, allowing them to connect directly to the Federal Reserve payment system under specific regulatory requirements [3]. - This potential move is viewed as a significant step to lower operational barriers for emerging fintech firms and enhance competition within the payment system [3]. Group 3: Collaborative Regulatory Framework - Other major U.S. financial regulatory agencies are also introducing related frameworks, contributing to a clearer regulatory landscape for digital assets [4]. - These parallel initiatives indicate a collaborative effort among U.S. financial regulators to create a coherent and risk-controlled policy environment for banks' participation in crypto and blockchain activities [4]. Group 4: Impacts and Outlook - The Federal Deposit Insurance Corporation (FDIC) has proposed a framework allowing eligible lending institutions to issue payment stablecoins, along with corresponding reserve and disclosure requirements [5]. - The Office of the Comptroller of the Currency (OCC) has released guidelines to provide compliance pathways and operational standards for banks wishing to act as intermediaries in crypto asset transactions [5]. - Traditional banks may expand their operations to include compliant crypto custody, stablecoin issuance, and trading intermediary services, opening new revenue streams [6]. - The acceleration of compliance within the crypto industry is expected as more crypto firms gain access to "skinny" master accounts, integrating into mainstream financial infrastructure [6]. - Regulatory emphasis on KYC (Know Your Customer), AML (Anti-Money Laundering), and cybersecurity requirements will continue alongside innovation encouragement [6]. - This policy shift can be seen as a response to the regulatory advancements in the EU, UK, and Singapore, aiming to maintain the competitiveness of the U.S. financial system [6].