The Federal Reserve will strengthen the regulatory review of bank cryptocurrency actions.

Odaily News: The Federal Reserve has released an announcement proposing to enhance the regulation of banks involved in digital assets and blockchain technology activities. For federally owned banks, they must obtain approval from the Federal Reserve before issuing, holding, or trading USD tokens. They must also demonstrate appropriate safeguards and control measures to mitigate risks, including liquidity, network security, and illicit financial risks. They are also required to demonstrate the ability to continuously monitor these issues. Banks should notify the Federal Reserve before engaging in such activities and wait for a "written non-objection notice" before proceeding.