The Federal Reserve will strengthen its regulatory scrutiny of banks participating in cryptocurrency activities.

BlockBeats news, on August 9th, the Federal Reserve has developed a plan to strengthen supervision of banks involved in digital assets and blockchain technology. The plan will focus on the partnership between banks and fintech companies, where state-owned banks in the United States must obtain the approval of the Federal Reserve before issuing, holding, or trading stablecoins, and state-owned banks under the supervision of the Federal Reserve must demonstrate that they have appropriate safeguards in place to mitigate risks, including liquidity, network security, and illegal financial risks, and they must also demonstrate that they can continue to monitor these issues. At the same time, banks should notify the Federal Reserve before engaging in certain stablecoin activities and wait for a "written notice of non-objection" before continuing.