The United States Federal Reserve has rescinded the 2023 rules regarding the valuation of crypto assets. According to the source, this decision changes how banks assess digital assets in their portfolios and manage associated risks. In this article, we briefly explain what is known from the official announcement and provide clear recommendations for miners in Russia.
What Changed in the Federal Reserve's Rules?
The key fact is that the Federal Reserve has repealed the rules adopted in 2023 that regulated the valuation of crypto assets. This official decision cancels previous directives and means that banks are adopting a new formal approach to accounting for digital assets. Details of the new internal bank methodologies are not disclosed publicly; however, the repeal itself alters the regulatory framework for valuing such positions.
The 2023 repeal is also linked to broader discussions about the interaction between banks and digital assets; see related materials on products and services for crypto companies, including Fed Payment Accounts. These changes are framework-oriented and aim to reconsider previous asset valuation requirements.
How Will Banks Value Digital Assets?
Following the repeal of the 2023 rules, banks essentially have grounds to revise their internal methodologies for valuing digital assets. The source emphasizes that the valuation approach is changing, but no new standardized valuation criteria are provided — banks will develop these within existing regulatory requirements.
This means banking practices for accounting and controlling exposure to digital assets may become more varied: some institutions may revise reporting and limits, others may adjust internal control procedures. Monitoring such changes is useful for those interacting with banking products related to cryptocurrency; also see materials on banks that have developed Bitcoin products in recent years banks with Bitcoin.
Impact of the Changes on the Cryptocurrency Market
The Federal Reserve's decision itself changes the regulatory basis for banks’ valuation of crypto assets. As a result, conditions for bank interaction with the crypto market may change: for example, internal accounting rules and related procedures in lending and payment operations. However, public materials do not state specific economic consequences for the market.
It is important for market participants to understand that the repeal changes the valuation framework but does not directly introduce new specific restrictions or benefits for crypto assets. Therefore, the practical effects will be determined by banks’ and financial institutions’ responses rather than the ruling alone, independent of subsequent corporate decisions.
Why This Matters
For miners in Russia, the Federal Reserve’s rule change is primarily significant as a factor influencing banking practices in servicing clients connected to cryptocurrency. Banks working with digital assets or companies servicing miners may update internal policies and documentation and reporting requirements.
Even if the repeal does not directly affect your mining operations, it influences the context of interaction with the banking system: access to accounts, requirements for confirming the origin of funds, and terms of cooperation with payment providers may be adjusted within new internal bank procedures.
What to Do?
- Check your bank’s and payment providers’ current conditions: clarify whether requirements for documents and operations related to crypto assets have changed.
- Keep your documentation organized for income and expenses: store statements, contracts, and receipts to confirm the legality of mining income if needed.
- Consider multiple channels for fund withdrawals: maintain backup options with other banks or payment services in case conditions change with one partner.
- Follow official announcements from banks and regulators and update your knowledge about services for crypto companies; materials on rules for stablecoins and related initiatives are useful rules for stablecoins.
Where to Find Updates
Official regulator websites and announcements from major banks will be the main sources of information on how internal policies and requirements are changing. Subscribing to bank newsletters and monitoring news on banking products for crypto companies will help you respond promptly to changes.
FAQ
Question: Has the Federal Reserve rescinded the 2023 rules on crypto asset valuation?
Answer: Yes. According to the official statement, the Federal Reserve has rescinded the 2023 rules concerning crypto asset valuation, changing how banks account for such positions.
Question: Does this mean banks will be more lenient toward miners?
Answer: The repeal changes the regulatory framework for valuation, but public materials do not confirm a unified direction in banking practices. It will depend on decisions by individual financial institutions.
Question: What are the initial practical steps for miners in Russia?
Maintain organized documentation of income, clarify bank requirements, and consider backup withdrawal channels to be prepared for procedural changes at service providers.
