U.S. federal banking agencies released a joint statement setting out how existing rules apply to banks holding crypto on customers’ behalf, marking the latest move by regulators to clarify how banks can engage with the burgeoning industry.
In a statement issued on Monday, the Federal Reserve Board, Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation said they were focused on safekeeping for crypto and noted that the statement was not explicitly creating any “new supervisory expectation.”
Banking organizations should consider risks, as they would with any new products and services, the agencies said. Those include cybersecurity, maintaining control of keys and other sensitive information, according to the statement.
“A banking organization that is contemplating providing safekeeping for crypto-assets should consider the evolving nature of the crypto-asset market, including the technology underlying the crypto-assets, and implement a risk governance framework that appropriately adapts to relevant risks,” the agencies said.
Over the past few months, since President Donald Trump took office, multiple agencies have released statements and letters clarifying their stances on crypto regulation. The OCC, for example, said in May that U.S. banks can buy and sell crypto assets on their behalf. The FDIC has shifted its stance on crypto and said it will allow financial institutions to engage in crypto activities without notifying the agency ahead of time.
Crypto-friendly regulators have also been put at the helm of key agencies. Last week, the Senate confirmed former blockchain executive Jonathan Gould to lead the OCC. Gould was previously the chief legal officer at Bitfury and, before that, served as senior deputy comptroller and chief counsel at the OCC.
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