Wu stated that the Fed announced the termination of its "Novel Activities Supervision Program" and will reintegrate the related regulatory work into the regular supervision process. Since its establishment in 2023, the program has focused on strengthening regulation of the encryption and fintech-related activities conducted by banking institutions. The Fed indicated that, with a deeper understanding of the related activities, risks, and banking risk management practices, a separate regulatory framework is no longer necessary. Therefore, it has decided to rescind the regulatory letter from 2023 that created the program and to incorporate the regulatory responsibilities into the regular process.

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