Strategy founder Michael Saylor says that banks are free to support Bitcoin following the U.S. Federal Reserve’s cancellation of its previous crypto guidelines, according to a Thursday night X post from the crypto proponent.
“Banks are now free to begin supporting Bitcoin,” Saylor said in an X post regarding the Federal Reserve’s announcement.
The Fed’s previous guidance toward digital assets largely advised banks under its oversight to notify the organization before they engaged in activities involving cryptocurrencies at large due to heightened volatility and risk.
“The emerging crypto-asset sector presents potential opportunities to banking organizations, their customers, and the overall financial system; however, crypto-asset-related activities may pose risks related to safety and soundness, consumer protection, and financial stability,” a 2022 letter from the federal bank reads.
However, the nation’s federal banking system has changed its tune on the emerging fintech sector.
“The Board will work with the agencies to consider whether additional guidance to support innovation, including crypto-asset activities, is appropriate,” it said in an April 24 statement.
The U.S. Embraces A Changing Crypto Regulatory Environment
Saylor’s support of the Fed’s reversal of its crypto guidelines comes as Bitcoin continues to rally, climbing over $95,500 on Friday afternoon.
Current U.S. President Donald Trump widely campaigned for crypto-friendly regulations, with Bitcoin experiencing a post-election rally that saw the cryptocurrency soar over $109,000.
Just this week, Trump’s pick to lead the United States Securities and Exchange Commission (SEC), Paul Atkins, was sworn in as head of the federal regulator.
Michael Saylor, who led Strategy’s initial Bitcoin back in 2020, praised the choice in a recent X post.
“SEC Chairman Paul Atkins will be good for Bitcoin,” Saylor said.
The end of the Fed’s crypto guidelines and Bitcoin’s coinciding boom may prime traditional finance investors to explore the digital asset industry as a whole.
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