Federal Reserve Rescinds Bank Guidance
The withdrawal includes its 2022 supervisory letter, which required state member banks to notify the Federal Reserve before engaging in crypto-related activities.
Quick Take
The Federal Reserve rescinds crypto guidance.
EtherFi introduces a DeFi Bank product.
Base targets 250 Mgas/s by the end of 2025.
Nethermind multi-client support for builder
Federal Reserve Rescinds Bank Guidance
The Federal Reserve Board announced the withdrawal of its previous guidance on the involvement of banks in crypto-asset and stablecoin activities. The withdrawal includes its 2022 supervisory letter, which required state member banks to notify the Federal Reserve before engaging in crypto-related activities. The Board is also withdrawing a 2023 supervisory letter related to the nonobjection process for dollar token activities and is joining other regulatory agencies in rescinding two 2023 joint statements on crypto-asset exposure. The decision follows the FDIC's move to also rescind its prior guidance on crypto activities for banks.
EtherFi Introduces DeFi Bank Product
EtherFi introduced its DeFi banking solution, offering a non-custodial alternative to traditional banking services. Unlike conventional banks, EtherFi’s DeFi bank does not accept user deposits but provides a full range of financial services built on DeFi. Users can easily fiat onramp and offramp, deploy assets into stablecoins or crypto vaults, and engage in staking and swapping. The DeFi banking solution combines EtherFi’s Stake, Liquid, and Cash products, all integrated into a single app. Stake is EtherFi’s staking and restaking product. Liquid offers a managed DeFi strategy vault for deploying ETH into DeFi apps with controlled risk. And Cash enables users to spend and borrow against their EtherFi balances.
Base Targets 250 Mgas/s
Base announced its new goal to raise its network's gas target to 250 Mgas/s by the end of 2025. In Q1 2025, the network reached 25 Mgas/s, a 10x increase from its initial gas target at launch. By the end of Q2 2025, Base is on track to reach 50 Mgas/s. The ramp-up in gas capacity aims to reduce network congestion and enable more transactions to be processed within each block. To achieve its goal, Base has identified key bottlenecks. One of the major challenges is L1 data availability, which will be improved through capacity increases in the upcoming Ethereum upgrades. Additionally, Base is migrating from Geth to Reth clients to improve execution performance and will upgrade its Fault Proofs to MT64Cannon to optimize memory usage.
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