New Lessons in Regulation, August 2025 – FRB Rescinds Novel Activities Supervision Program and Vice Chair Bowman Speaks on Embracing Innovation

Last week, (almost two years to the day of when it was issued), the Federal Reserve Board (“FRB”) rescinded SR Letter 23-7 regarding the creation of the Novel Activities Supervision Program. The FRB stated that supervision of certain crypto and fintech activities is now better understood and supervision of those activities will be integrated back into the standard supervisory process….
By: Cadwalader, Wickersham & Taft LLP