The Federal Reserve will cancel its plans to regulate banks' cryptocurrency and financial technology activities.

The Federal Reserve announced on Friday that it will cancel a so-called "new activities" regulatory program, which was specifically designed to regulate banks' cryptocurrency and fintech activities. Instead, these activities will now be included in its regular bank supervision. The Federal Reserve launched this new program in 2023 to focus on how banks interact with these emerging technologies. However, the Federal Reserve stated that it is no longer necessary to do so, as it has already strengthened its understanding of these risks and how banks manage them.