According to John Reed Stark, former director of SEC Internet law enforcement, the US cryptocurrency field is facing an "unprecedented financial regulatory impact" on X. Stark first emphasized the "new activity supervision plan" launched by the Federal Reserve (Fed) on August 8. Stark said that part of the plan is aimed at regulating US banks' participation in dollar-backed tokens, such as the recently launched PYUSD or other stablecoins. This will be a "challenging" task for most traditional banks, as the Fed will judge their ability to manage the many risks associated with these tokens.

These risks include money laundering, customer loss, and hacking attacks. Stark also pointed out another traditional regulatory agency-the "positive" cryptocurrency regulatory policy of the Federal Deposit Insurance Corporation (FDIC). In April 2022, the FDIC wrote a financial institution letter (FIL) to all FDIC-regulated banks, instructing them to notify the agency before processing any activities related to encryption.

Stark believes that US cryptocurrency users should regard the above FIL as a "pioneer" for FDIC to strengthen supervision of all bank-related cryptocurrency transactions. In addition, Stark also reminded the industry to pay attention to another similar order issued by the US Currency Supervision Bureau (OCC).