<p>美联储已撤回其对 “新型活动” 的限制性 2023 政策，并以新的框架取而代之。</p>
<p>新政策为银行参与数字资产和区块链创新创造了明确的路径，标志着近年来最重要的监管转变之一。</p>
<p>这一举措于 <strong>12 月 17 日</strong> 宣布，逆转了美联储之前的立场，后者限制州成员银行仅能进行国家银行明确允许的活动。</p>
<p>2023 年的政策实际上成为了加密相关服务的障碍，特别是在保管、代币化和稳定币整合方面。其撤回标志着向在美国银行系统内促进负责任的数字资产活动的转变。</p>
<h2><strong>美联储取消 2023 年限制，采用创新友好的标准</strong></h2>
<p>根据新的政策声明，美联储采用了 “同样的活动、同样的风险、同样的监管” 的理念——这一框架允许银行追求新技术，只要它们展示出强有力的风险管理并遵守监管期望。</p>
<p>监管副主席米歇尔·鲍曼描述新的指导方针是努力现代化银行业，同时保持安全和稳健。</p>
<p>鲍曼表示：“新技术为银行提供了效率，并为银行客户改善了产品和服务。”</p>
<blockquote>
<p>“通过为负责任的创新产品和服务创造路径，董事会正在帮助确保银行业在保持安全和稳健的同时，也现代、高效和有效。”</p>
</blockquote>
<p>撤回 2023 年指导方针还消除了强烈不鼓励参与数字资产的补充加密特定解释。</p>
<p>仅这一变化就为受监管的银行重新审视加密货币保管、代币化、区块链结算工具和稳定币整合打开了大门。</p>
<h2><strong>为有保险和无保险银行——包括以加密为重点的机构提供更清晰的路径</strong></h2>
<p>最显著的变化之一是，有保险和无保险的州成员银行现在可以申请进行创新活动，包括那些尚未被国家银行允许的活动。</p>
<p>这对怀俄明州的 SPDI 风格机构和专注于数字资产的信托银行具有重大影响。</p>
<p>美联储表示，无保险银行如果展示出足够的流动性、损失吸收能力和可信的解决机制，可以参与更广泛的活动。</p>
<p>这一举措紧随 CFTC 最近的试点项目，以及 OCC 对一些加密公司的信托章程的批准。</p>
<h2><strong>这对加密采纳意味着什么</strong></h2>
<p>这一政策更新并未赋予银行随意推出加密产品的权利——但它终于用基于风险的审批系统取代了限制性框架，鼓励实验。</p>
<p>寻求保管加密货币、结算代币化资产、整合稳定币或部署区块链的银行现在拥有：</p>
<ul>
<li>正式的申请路径</li>
<li>对监管期望的清晰理解</li>
<li>一个不再假设此类活动本质上不安全的监管环境</li>
</ul>
<p>这是语气上的结构性转变——从 “不要参与加密” 转变为 “在监管下负责任地参与”。</p>
<hr/>
<h2><strong>最后的思考</strong></h2>
<ul>
<li>美联储撤回其 2023 年政策标志着其近年来最明确的支持创新的立场，为银行主导的加密采纳打开了大门。</li>
<li>随着 CFTC 和 OCC 已经推进数字资产框架，美国银行监管机构正在趋向于一种将区块链整合到主流金融中的战略。</li>
</ul>
<hr/>

<p>美联储已逆转其对数字资产的限制性 2023 政策，采用新的框架以鼓励区块链和加密活动中的负责任创新。该政策于 12 月 17 日宣布，政策转变允许银行在基于风险的审批系统下参与数字资产活动，标志着监管的重大转变。这一变化为有保险和无保险的银行探索加密托管、代币化和稳定币整合开辟了路径，使美国银行监管机构朝着将区块链融入主流金融的方向迈进</p>

<p>The Federal Reserve has withdrawn its restrictive 2023 policy on “novel activities” and replaced it with a new framework.</p>
<div class="lb-trans"><p>美联储已撤回其对 “新型活动” 的限制性 2023 政策，并以新的框架取而代之。</p>
</div><p>The new policy creates a clear pathway for banks to engage in digital-asset and blockchain innovation, marking one of the most significant regulatory pivots in years.</p>
<div class="lb-trans"><p>新政策为银行参与数字资产和区块链创新创造了明确的路径，标志着近年来最重要的监管转变之一。</p>
</div><p>The move, announced on <strong>17 December</strong>, reverses the Fed’s prior stance, which had limited state member banks to only those activities explicitly allowed for national banks.</p>
<div class="lb-trans"><p>这一举措于 <strong>12 月 17 日</strong> 宣布，逆转了美联储之前的立场，后者限制州成员银行仅能进行国家银行明确允许的活动。</p>
</div><p>The 2023 policy had served as a de facto barrier to crypto-related services, especially custody, tokenization, and stablecoin integrations. Its withdrawal signals a shift toward enabling responsible digital-asset activity within the U.S. banking system.</p>
<div class="lb-trans"><p>2023 年的政策实际上成为了加密相关服务的障碍，特别是在保管、代币化和稳定币整合方面。其撤回标志着向在美国银行系统内促进负责任的数字资产活动的转变。</p>
</div><h2><strong>Fed removes 2023 restrictions and adopts innovation-friendly standard</strong></h2>
<div class="lb-trans"><h2><strong>美联储取消 2023 年限制，采用创新友好的标准</strong></h2>
</div><p>Under the new policy statement, the Federal Reserve adopts a “same activity, same risks, same regulation” philosophy — a framework that allows banks to pursue new technologies as long as they demonstrate strong risk management and comply with supervisory expectations.</p>
<div class="lb-trans"><p>根据新的政策声明，美联储采用了 “同样的活动、同样的风险、同样的监管” 的理念——这一框架允许银行追求新技术，只要它们展示出强有力的风险管理并遵守监管期望。</p>
</div><p>Vice Chair for Supervision Michelle Bowman described the new guidance as an effort to modernize the banking sector while maintaining safety and soundness.</p>
<div class="lb-trans"><p>监管副主席米歇尔·鲍曼描述新的指导方针是努力现代化银行业，同时保持安全和稳健。</p>
</div><p>“New technologies offer efficiencies to banks and improved products and services to bank customers,” Bowman said.</p>
<div class="lb-trans"><p>鲍曼表示：“新技术为银行提供了效率，并为银行客户改善了产品和服务。”</p>
</div><blockquote>
<p>“By creating a pathway for responsible, innovative products and services, the Board is helping ensure that the banking sector remains safe and sound while also modern, efficient, and effective.”</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>“通过为负责任的创新产品和服务创造路径，董事会正在帮助确保银行业在保持安全和稳健的同时，也现代、高效和有效。”</p>
</blockquote>
</div><p>The withdrawal of the 2023 guidance also removes the supplementary crypto-specific interpretations that strongly discouraged engagement with digital assets.</p>
<div class="lb-trans"><p>撤回 2023 年指导方针还消除了强烈不鼓励参与数字资产的补充加密特定解释。</p>
</div><p>That change alone opens the door for supervised banks to revisit cryptocurrency custody, tokenization, blockchain settlement tools, and stablecoin integrations.</p>
<div class="lb-trans"><p>仅这一变化就为受监管的银行重新审视加密货币保管、代币化、区块链结算工具和稳定币整合打开了大门。</p>
</div><h2><strong>Clearer path for both insured and uninsured banks — including crypto-focused institutions</strong></h2>
<div class="lb-trans"><h2><strong>为有保险和无保险银行——包括以加密为重点的机构提供更清晰的路径</strong></h2>
</div><p>One of the most notable changes is that both insured and uninsured state member banks can now apply to conduct innovative activities, including those not yet permissible for national banks.</p>
<div class="lb-trans"><p>最显著的变化之一是，有保险和无保险的州成员银行现在可以申请进行创新活动，包括那些尚未被国家银行允许的活动。</p>
</div><p>This has major implications for Wyoming SPDI-style institutions and trust banks focusing on digital assets.</p>
<div class="lb-trans"><p>这对怀俄明州的 SPDI 风格机构和专注于数字资产的信托银行具有重大影响。</p>
</div><p>The Fed states that uninsured banks may engage in a broader range of activities if they demonstrate adequate liquidity, loss-absorbing capacity, and credible resolution mechanisms.</p>
<div class="lb-trans"><p>美联储表示，无保险银行如果展示出足够的流动性、损失吸收能力和可信的解决机制，可以参与更广泛的活动。</p>
</div><p>The move follows the recent pilot program by the CFTC, and the OCC’s approval of trust charters for some crypto companies.</p>
<div class="lb-trans"><p>这一举措紧随 CFTC 最近的试点项目，以及 OCC 对一些加密公司的信托章程的批准。</p>
</div><h2><strong>What this means for crypto adoption</strong></h2>
<div class="lb-trans"><h2><strong>这对加密采纳意味着什么</strong></h2>
</div><p>This policy update does not give banks carte blanche to launch crypto products — but it finally replaces a restrictive framework with a risk-based approval system that encourages experimentation.</p>
<div class="lb-trans"><p>这一政策更新并未赋予银行随意推出加密产品的权利——但它终于用基于风险的审批系统取代了限制性框架，鼓励实验。</p>
</div><p>Banks seeking to custody crypto, settle tokenized assets, integrate stablecoins, or deploy blockchain rails now have:</p>
<div class="lb-trans"><p>寻求保管加密货币、结算代币化资产、整合稳定币或部署区块链的银行现在拥有：</p>
</div><ul>
<li>A formal application path</li>
<li>Clarity on supervisory expectations</li>
<li>A regulatory environment that no longer assumes such activities are inherently unsafe</li>
</ul>
<div class="lb-trans"><ul>
<li>正式的申请路径</li>
<li>对监管期望的清晰理解</li>
<li>一个不再假设此类活动本质上不安全的监管环境</li>
</ul>
</div><p>It’s a structural shift in tone — from “don’t engage with crypto” to “engage responsibly under supervision.”</p>
<div class="lb-trans"><p>这是语气上的结构性转变——从 “不要参与加密” 转变为 “在监管下负责任地参与”。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h2><strong>Final Thoughts</strong></h2>
<div class="lb-trans"><h2><strong>最后的思考</strong></h2>
</div><ul>
<li>The Federal Reserve’s withdrawal of its 2023 policy marks its clearest pro-innovation stance in years, opening the door for bank-led crypto adoption.</li>
<li>With the CFTC and OCC already advancing digital-asset frameworks, U.S. banking regulators are converging on a strategy that integrates blockchain into mainstream finance.</li>
</ul>
<div class="lb-trans"><ul>
<li>美联储撤回其 2023 年政策标志着其近年来最明确的支持创新的立场，为银行主导的加密采纳打开了大门。</li>
<li>随着 CFTC 和 OCC 已经推进数字资产框架，美国银行监管机构正在趋向于一种将区块链整合到主流金融中的战略。</li>
</ul>
</div><hr/>
<div class="lb-trans"><hr/>
</div>

Federal Reserve quietly reverses anti-crypto stance with new policy

- 美国联邦储备局撤回了 2023 年限制政策，开启数字资产创新通道。  
- 新框架允许州成员银行进行数字资产和区块链活动，推动行业现代化。  
- 此变动促进了银行与加密货币相关服务的合作，形成监管友好的环境。

美联储通过新政策悄然逆转其反加密货币的立场