According to online reports, the Federal Reserve announced on Thursday that it would withdraw its regulatory guidelines for banks 'crypto assets and US dollar token businesses, and simultaneously update relevant business expectation standards. The move aims to ensure that regulatory requirements keep pace with the evolution of risks and further support innovation in the banking system. The announcement shows that the Federal Reserve has officially repealed the regulatory letter issued in 2022, which previously required state member banks to make prior reports on planned or existing crypto asset businesses. After the revocation, the Federal Reserve will no longer require banks to fulfill their reporting obligations and will instead monitor relevant activities through regular regulatory procedures. Also repealed is the 2023 guidance document on the "regulatory no objection" process for state member banks to participate in the U.S. dollar token business. In addition, the Federal Reserve and the Federal Deposit Insurance Corporation jointly decided to withdraw from two policy statements jointly issued by federal banking regulators in 2023 on banks 'crypto-asset business and risk exposure. The Office of the Comptroller of the Currency has previously withdrawn from the statement. The Federal Reserve said it will work with other regulators in the future to assess whether a new guidance framework is needed to support innovation, including the crypto asset business.