According to Cas Abbé, the Federal Reserve has ended the program that increased bank scrutiny of crypto, while the crypto market traded down on the headline, indicating a potential disconnect between news and price action; source: Cas Abbé, X post dated Aug 15, 2025. The program referenced is the Fed’s Novel Activities Supervision Program, established in August 2023 to heighten oversight of state member banks’ crypto-related activities; source: Federal Reserve Board press release dated Aug 8, 2023, and supervisory letter SR 23-7. Under SR 23-8, state member banks seeking to engage in certain dollar-token (stablecoin) activities were required to obtain supervisory nonobjection, adding steps that affect bank-crypto relationships relevant to exchanges and stablecoin issuers; source: Federal Reserve Board supervisory letter SR 23-8, August 2023. Because stablecoins facilitate trading liquidity and settlement across crypto markets, any change to bank oversight around these activities can influence BTC and ETH market liquidity and pricing; source: President’s Working Group on Financial Markets, Report on Stablecoins, November 2021. Traders should watch for an official Federal Reserve update clarifying the status of SR 23-7 and SR 23-8 to gauge the scope and timing of any impact on bank-crypto rails and stablecoin flows before positioning; source: Federal Reserve Board supervisory letters SR 23-7 and SR 23-8, and Cas Abbé, X post dated Aug 15, 2025.