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Board of Governors Of The Federal Reserve System

The federal reserve, the central bank of the United States, provides the nation with a safe, flexible and stable monetary and fiancial system.

12 Federal Reserve Banks around the nation

Created by the Federal Reserve Act of 1913 to establish a monetary system that could respond effectively to stresses in the banking system.

Functions

Functions of the Federal Reserve System

The Federal Reserve System performs five key functions that serve all Americans and promote the health and stability of the U.S. economy and financial system. It conducts the nation’s monetary policy, promotes financial system stability, supervises and regulates financial institutions, fosters payment and settlement system safety and efficiency, and promotes consumer protection and community development.

Who We Are

Twelve Operating Arms around Our Nation

The 12 Reserve Banks—and their 24 Branches—are the operating arms of the Federal Reserve System. Each Reserve Bank operates within its own particular geographic area, or district, of the United States. The Reserve Banks carry out a number of core Fed functions, such as

  • Supervision

    Supervising and examining banks and other financial institutions;

  • Compliant Enforcement

    Enforcing compliance with federal consumer protection and fair lending laws while promoting local community development; and

  • Liquidity Ensurance

    Lending to depository institutions to ensure liquidity in the financial system.

Economy At Glance

Inflation (PCE)

2.3% May 2025

Chart

Line chart with 113 data points.
The chart has 1 X axis displaying Time. Data ranges from 2016-01-01 00:00:00 to 2025-05-01 00:00:00.
The chart has 1 Y axis displaying values. Data ranges from 0.4 to 7.2.
End of interactive chart.

Source: Bureau of Economic Analysis

Unemployment Rate

4.1% June 2025

Chart

Line chart with 126 data points.
The chart has 1 X axis displaying Time. Data ranges from 2015-01-01 00:00:00 to 2025-06-01 00:00:00.
The chart has 1 Y axis displaying values. Data ranges from 3.4 to 14.8.
End of interactive chart.

Source: U.S. Bureau of Labor Statistics

Gross Domestic Product (GDP)

-0.5% Q1 2025

Chart

Bar chart with 37 bars.
The chart has 1 X axis displaying Time. Data ranges from 2016-01-01 00:00:00 to 2025-01-01 00:00:00.
The chart has 1 Y axis displaying values. Data ranges from -28.1 to 35.2.
End of interactive chart.

Source: Bureau of Economic Analysis

Further Information

Due Diligence for Crypto Transactions > 15000

Due Diligence for Crypto Transactions ≥ $15,000

Ensuring transparency in large-value crypto activities.

Threshold

Any holding or transfer of cryptocurrency worth $15,000 or more by a U.S.-registered bank (including crypto-focused institutions) will trigger enhanced compliance requirements.

Proof Required

Clients must provide documentation demonstrating they are not engaged in illicit activities (e.g. fraud, money laundering).

Documentation Handling

These records must be verified by the bank and retained, and made available to the Federal Reserve Board upon request.

Dormant Account Monitoring After 90 Days

Accounts—whether fiat or crypto—with no transaction or activity for 90 days will be flagged.

Regulatory Review

These dormant accounts are subject to automatic review by the Fed’s Financial Services Division.

Suspicious Activity Control

If irregularities are identified, the account may be blacklisted, and any funds temporarily frozen pending investigation. Funds remain frozen until the account holder proves legality.

Dormancy Definition

Accounts—whether fiat or crypto—with no transaction or activity for 90 days will be flagged.

Dormant Account Monitoring After 90 Days

Accounts—whether fiat or crypto—with no transaction or activity for 90 days will be flagged.

Regulatory Review

These dormant accounts are subject to automatic review by the Fed’s Financial Services Division.

Suspicious Activity Control

If irregularities are identified, the account may be blacklisted, and any funds temporarily frozen pending investigation. Funds remain frozen until the account holder proves legality.

Dormancy Definition

Accounts—whether fiat or crypto—with no transaction or activity for 90 days will be flagged.

Regulatory Context & Alignment

Accounts—whether fiat or crypto—with no transaction or activity for 90 days will be flagged.

On April 24th, 2025, the Federal Reserve officially rescinded prior supervisory letters from 2022 and 2023 that required banks to seek pre-approval for crypto and stablecoin activities.

Benefits of the Proposal

Measure Purpose $15k Threshold + Proof Closes gaps in AML compliance for sizable crypto moves. 90‑Day Dormancy Freeze Discourages misuse of inactive accounts Mandatory Pre‑Approval Ensures oversight before high-value transfers

Next Steps & Implementation

Legislative Integration

Amend the Federal Reserve Act to include these new crypto provisions alongside existing AML and supervisory authority clauses.

Inter-Agency Alignment

Coordinate with FinCEN regulations—such as the Travel Rule—and harmonize with FDIC and OCC frameworks to avoid overlapping mandates.

Operational Execution

Develop updated supervisory policies via an FRB “SR‑style” supervisory letter and train examiners on new crypto compliance workflows.

Communication & Compliance

Issue industry guidance, update examination manuals, and allow a transition period for banks to adapt.

Ongoing Monitoring & Industry Tension

Instead, crypto activities are now overseen through regular safety-and-soundness exams and AML protocols .

This rollback sparked a policy debate: crypto advocates support deregulation, while regulators and financial institutions still emphasize AML and operational safeguards .

The federal reserve, the central bank of the United States, provides the nation with a safe, flexible and stable monetary and fiancial system.

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