美联储，重大宣布！

Core Viewpoint - The Federal Reserve has officially closed the "Novel Activities Supervision Program," which was established to regulate banks' activities in the cryptocurrency and fintech sectors, integrating this oversight into standard banking regulations [1][3][4]. Summary by Sections Federal Reserve's Actions - On August 15, the Federal Reserve announced the closure of the "Novel Activities Supervision Program," which was aimed at enhancing the regulation of banks involved in cryptocurrency activities [3]. - The decision to close the program comes after the Federal Reserve deepened its understanding of the risks associated with cryptocurrency and fintech activities since the program's inception [3]. Background and Context - The program was established in response to the 2023 banking crisis, which saw the collapse of three banks closely tied to the cryptocurrency industry: Silicon Valley Bank, Silvergate Bank, and Signature Bank [3]. - The Federal Reserve recognized the need for closer scrutiny of innovative yet unverified technologies that could pose risks to the banking system [3]. Key Focus Areas of the Program - The program focused on areas such as cryptocurrency custody, loans collateralized by cryptocurrencies, assistance in digital asset trading, issuance of stablecoins and dollar tokens, and projects utilizing distributed ledger technology [4]. - While the latest requirements simplify compliance processes for banks engaging in cryptocurrency activities, core regulatory principles such as anti-money laundering and consumer protection remain unchanged [4]. Regulatory Environment Shift - The Federal Reserve's action aligns with a broader trend of U.S. regulatory agencies becoming more accommodating towards the cryptocurrency industry, following a political environment that has increasingly favored cryptocurrencies since the Trump administration [6]. - Other federal banking regulators, including the OCC and FDIC, have also relaxed regulations, allowing banks to decide independently whether to engage in cryptocurrency activities [6]. Monetary Policy Outlook - Chicago Fed President Austan Goolsbee expressed hesitance regarding interest rate cuts due to mixed inflation data and ongoing tariff uncertainties, despite high market expectations for a rate cut in September [8][10]. - Current market sentiment indicates a 92% probability of a 25 basis point rate cut in September, with varying expectations for future cuts [10][11].