Michael Saylor Hails Fed U-Turn: US Banks Cleared to Back Bitcoin on $95K Rally

Bitcoin Michael Saylor Regulation

Author

Julia Smith

Author

Julia Smith

About Author

Julia is an experienced editor with a passion for covering a wide variety of beats. She loves all things politics and regularly covers regulatory updates on emerging technology here for Crypto News.

Author Profile

Share

Copied

Last updated: 

April 24, 2025

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

Strategy founder Michael Saylor says that banks are free to support Bitcoin following the U.S. Federal Reserve’s cancellation of its previous crypto guidelines, according to a Thursday night X post from the crypto proponent.

Saylor Shares His Take

“Banks are now free to begin supporting Bitcoin,” Saylor said in an X post regarding the Federal Reserve’s announcement.

The Fed’s previous guidance toward digital assets largely advised banks under its oversight to notify the organization before they engaged in activities involving cryptocurrencies at large due to heightened volatility and risk.

“The emerging crypto-asset sector presents potential opportunities to banking organizations, their customers, and the overall financial system; however, crypto-asset-related activities may pose risks related to safety and soundness, consumer protection, and financial stability,” a 2022 letter from the federal bank reads.

However, the nation’s federal banking system has changed its tune on the emerging fintech sector.

“The Board will work with the agencies to consider whether additional guidance to support innovation, including crypto-asset activities, is appropriate,” it said in an April 24 statement.

The U.S. Embraces A Changing Crypto Regulatory Environment

Saylor’s support of the Fed’s reversal of its crypto guidelines comes as Bitcoin continues to rally, climbing over $95,500 on Friday afternoon.

Current U.S. President Donald Trump widely campaigned for crypto-friendly regulations, with Bitcoin experiencing a post-election rally that saw the cryptocurrency soar over $109,000.

Just this week, Trump’s pick to lead the United States Securities and Exchange Commission (SEC), Paul Atkins, was sworn in as head of the federal regulator.

Michael Saylor, who led Strategy’s initial Bitcoin back in 2020, praised the choice in a recent X post.

“SEC Chairman Paul Atkins will be good for Bitcoin,” Saylor said.

The end of the Fed’s crypto guidelines and Bitcoin’s coinciding boom may prime traditional finance investors to explore the digital asset industry as a whole.