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The United States Federal Reserve announced on Tuesday an enhanced oversight program concerning lenders' interactions with cryptocurrencies.
This decision follows a string of measures from U.S. regulators designed to curtail banks’ direct involvement in cryptocurrencies.
In light of this macroeconomic development, what are the best cryptos to buy now?
Over the past few months, the Federal Reserve and other regulatory entities have conveyed their apprehension regarding the risks associated with this highly volatile asset category.
Drawing attention to these apprehensions, the central bank's initiative will also examine the relationships banks maintain with non-lender entities, including fintech companies, when delivering services to their clientele.
The Federal Reserve clarified the new supervision's primary purpose: "The goal of the novel activities supervision program is to encourage the advantages of financial progression while recognizing and adequately addressing risks to maintain the banking system's reliability."
Earlier in January, institutions such as the Federal Reserve, the Federal Deposit Insurance Corp., and the Office of the Comptroller of the Currency voiced their uncertainties about the unpredictable nature of crypto assets.
They emphasized the imperative of ensuring uncontrollable risks do not infiltrate the established banking framework.
Subsequent to these pronouncements, crypto advocates have criticized the federal guidelines as being antagonistic toward cryptocurrencies.
Despite the increasing regulatory challenges encountered by the cryptocurrency sector, the cryptocurrency market still holds considerable potential for income generation, however.
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