The former regulation is set aside because it was weak and useless (for the law made nothing perfect), and a better hope is introduced, by which we draw near to God. Hebrews 7:18-19

The old covenant has been replaced with the new covenant so we can now draw near to God with confidence. Something the old covenant wasn’t able to achieve since: “It is impossible for the blood of bulls and goats to take away sins” (10:4).

Just prior to this verse, the writer explained that the priesthood had changed. Jesus was from the kingly tribe of Judah not from the priestly tribe of Levi and therefore not entitled under the law to be a priest. However Jesus was a priest in the order of Melchizedek (5:6, 10). Melchizedek lived before Moses and before the law was introduced. Jesus is our high priest in a manner that predates the old covenant.

The whole book of Hebrews aims to teach us that the Mosaic Law was a shadow (10:1) and now the reality has come we are not bound by the law. This is confirmed elsewhere:

For sin shall no longer be your master, because you are not under the law, but under grace. (Romans 6:14).

But now, by dying to what once bound us, we have been released from the law so that we serve in the new way of the Spirit, and not in the old way of the written code (Romans 7:6).

Now we have a “better hope” with Jesus as our high priest, so there is nothing to stop us from drawing near to God.