Recently, there has been a significant change in the U.S. financial regulatory landscape. The Fed announced the termination of its "New Activity Supervision Program," which was originally intended to strengthen the regulation of the banking industry's crypto assets business. This decision is seen as the latest manifestation of U.S. regulatory agencies taking a more lenient approach toward the crypto assets industry.

In fact, this trend emerged as early as April this year. At that time, the Fed withdrew its guidance requiring banks to obtain regulatory approval before engaging in new Crypto Assets business. Following this, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation, which are important components of the U.S. federal banking regulatory system, also took similar measures.

The core of these policy adjustments lies in granting banks greater autonomy. Under the existing risk management framework, banks can independently decide whether to engage in Crypto Assets-related businesses without requiring additional regulatory approvals. This change reflects the regulators' open attitude towards financial innovation while also demonstrating trust in the banks' risk management capabilities.

However, this regulatory relaxation does not mean a laissez-faire approach to the Crypto Assets sector. On the contrary, it may signify a shift in regulatory thinking—from prior approval to a focus on banks' own risk management capabilities. This approach could both promote financial innovation and help maintain the stability of the financial system.

For the Crypto Assets industry, this is undoubtedly a positive signal. It may encourage traditional financial institutions to participate more actively in Crypto Assets-related businesses, promoting the compliance and mainstreaming process of the industry. At the same time, this also raises higher requirements for the banking sector, necessitating the establishment of a more comprehensive risk assessment and management system.

Overall, the Fed's decision reflects the efforts of regulators to seek a balance between promoting innovation and maintaining stability. This policy adjustment may bring new development opportunities for the Crypto Assets industry, while also testing the risk management capabilities of financial institutions. In the future, we may see further integration of Crypto Assets with traditional finance, as well as the emergence of more innovative financial products and services.