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The Federal Reserve has launched a new program to oversee banks’ cryptocurrency activities, focusing on partnerships.
State-owned banks regulated by the Federal Reserve must obtain approval before issuing, holding or trading stablecoins, must demonstrate that they have appropriate safeguards and controls to reduce risks.
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"The Board provided ... information on the process for a state bank supervised by the Federal Reserve to follow before engaging in certain dollar token or stablecoin activity"
https://www.federalreserve.gov/newsevents/pressreleases/bcreg20230808a.htm
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