Should banks notify the Fed about cryptocurrencies?

Should financial institutions be obligated to inform the Federal Reserve about their involvement in cryptocurrencies? With the rapid growth and increasing popularity of digital assets, is it crucial for the central bank to have a clear understanding of the extent of banks' engagement in this sector? Could such transparency help the Fed better monitor risks associated with these new financial instruments and ensure the stability of the broader financial system? Or, on the other hand, does imposing such a requirement on banks infringe on their operational autonomy and stifle innovation in the cryptocurrency space? What are the potential benefits and drawbacks of requiring banks to notify the Fed about their cryptocurrency activities?