According to foreign media reports, the Federal Reserve (Fed) has recently announced the termination of its special regulatory program specifically targeting banks' encryption and fintech activities. This decision means that related businesses will be integrated into the regular banking regulatory framework.

The Fed launched a regulatory program in 2023 known as "New Business" aimed at closely monitoring the interactions between the banking sector and emerging financial technologies. However, as regulators gained a deeper understanding of the risks in these emerging areas and their management methods, the Fed concluded that maintaining a separate regulatory program was no longer necessary.

This policy adjustment reflects the evolution of financial regulatory thinking. As Crypto Assets and financial technology gradually become an important part of the financial system, incorporating them into a conventional regulatory framework may help achieve more unified and comprehensive risk management.

This move may also indicate that the Fed has a more mature understanding of Crypto Assets and the fintech industry, no longer viewing them as "novelties" that require special treatment. This could provide clearer regulatory guidance for the banking sector's participation in these emerging fields, while also possibly promoting further integration between traditional finance and emerging finance.

However, this change has also raised some questions: can the conventional regulatory framework adequately address the unique challenges posed by Crypto Assets and fintech? Will adjustments in regulatory approaches affect the banking sector's enthusiasm for participating in these emerging fields? The answers to these questions may gradually emerge in future practices.