Key Takeaways
- The Federal Reserve rescinded rules requiring banks to seek special approval for Bitcoin activities.
- Michael Saylor and others hailed the move as a major step for broader Bitcoin adoption.
- Banks must still comply with regular oversight but face fewer barriers to offering Bitcoin services.
The Federal Reserve has officially withdrawn its previous guidance that restricted banks from engaging with Bitcoin and stablecoin activities, marking a major shift in U.S. financial policy.
Rescinding of 2022 Supervisory Letter
On April 24, the Fed announced it rescinded its 2022 supervisory letter that required banks to notify regulators before offering Bitcoin services.
Moving forward, digital asset activities will be reviewed through the Fed’s standard supervisory processes, rather than needing advance approvals.
Alignment with FDIC & OCC
This aligns with recent moves by the Federal Deposit Insurance Corporation (FDIC) and Office of the Comptroller of the Currency (OCC), both of which also withdrew their 2023 joint statements warning banks about Bitcoin-related risks.
Removal of “Unpredictable” label
Previously, regulators had labeled Bitcoin deposits as “unpredictable” and a potential threat to financial stability, especially after the collapse of major platforms like FTX.
That language is now formally removed.
Industry reaction
Industry figures welcomed the shift.
Michael Saylor, Executive Chairman of Strategy, celebrated the Fed’s announcement on Twitter:
Banks are now free to begin supporting Bitcoin.
Banks are now free to begin supporting Bitcoin. https://t.co/mw7KjqJbQr
— Michael Saylor (@saylor) April 24, 2025
Addressing Operation Chokepoint 2.0
The policy change addresses long-standing complaints from Bitcoin companies, many of which struggled to obtain banking services under what was dubbed “Operation Chokepoint 2.0.”
Continued compliance requirements
While the move eases compliance burdens, banks are still required to follow standard risk management procedures, including anti-money laundering (AML) and customer due diligence (CDD) rules.
Pending updates on master accounts
However, the Fed has not yet updated policies concerning the granting of master accounts, which Bitcoin-focused banks like Custodia and Kraken Financial are still seeking.
