#美联储终止新型活动监管# On August 15, 2025, the Fed quietly announced the termination of the "Novel Activities Supervision Program." This was a special review mechanism specifically used to regulate banks' involvement in encryption assets, stablecoins, and DeFi-related activities since 2023. Once the news broke, the entire encryption community was in an uproar.

What signals are being released behind this? Is it a loosening of compliance regulations? Or the beginning of a restructuring of power?
What exactly is this "new activity supervision plan"?
In 2023, influenced by the collapse of several financial institutions such as Silicon Valley Bank and Silvergate Bank that "dance with coins," the Fed launched this plan specifically to supervise banks engaged in new types of businesses like encryption custody, stablecoin issuance, and on-chain settlement. The goal is to ensure that traditional banks do not "break into the crypto world" without defenses.
This is equivalent to an additional "gateway" that requires traditional financial institutions to undergo a "special review" before they can engage with the coin sector.
Why was it suddenly canceled?
The official reason given by the Fed is: "After two years of practice, we have a sufficient understanding of these emerging activities to incorporate regulatory tasks into the regular system."
It's like the teacher said: "We've studied this experimental course enough; we won't hold separate classes anymore and will return it to the major course schedule." But we all know there must be other reasons behind it.
Industry changes: In the past year, the pace of compliance has accelerated, with traditional giants like BlackRock, Fidelity, and BlackRock continuously entering the market. The perception of "encryption = high risk" is gradually loosening.
Political games: With the election year approaching, the easing of regulations can be seen as a "pro-business" stance to win votes from both the technology and finance sectors.
Regulatory Coordination: The regulatory system in the United States is already multifaceted: SEC, CFTC, OCC... Reassigning some powers back to conventional agencies is also a manifestation of power rebalancing.

How big is the impact of this on the encryption industry?
✅ It's a significant benefit for the industry.
Banks no longer need to undergo "extra review" for cryptocurrency-related businesses, reducing compliance costs, which is beneficial for custody, payment, and the opening of stablecoin bank accounts. The narrative of compliance is rising again, and this action by the Fed is the first time the U.S. government has used "action" rather than "statement" to signal that "encryption is not a monstrous flood."
⚠️ But don't be too optimistic
Regulation has not relaxed, but has returned to the main line. In the future, regulation will still exert force through other channels, such as stablecoin legislation and securities attribute review, not "withdrawing defense," but "changing posts."

In summary, the Fed's recent "release" is not a withdrawal of regulation, but rather a gradual transition for the encryption industry into a formalized framework. It signifies that the encryption industry is transforming from an "experimental subject" into a "standard business." This "soft landing" may very well be the prelude to a new cycle.