11.24.2021

Federal Agencies Issue Joint Statement on Crypto Policy

11.24.2021
Federal Agencies Issue Joint Statement on Crypto Policy
  • Board of Governors of the Federal Reserve System
  • Federal Deposit Insurance Corporation
  • Office of the Comptroller of the Currency

Federal bank regulatory agencies issued a statement summarizing their interagency “policy sprints” focused on crypto-assets and providing a roadmap of future work related to crypto-assets.

In particular, the statement describes the focus of the preliminary work conducted through the sprints undertaken by the agencies. It summarizes the agencies’ plan to provide greater clarity throughout 2022 on whether certain crypto-related activities conducted by banking organizations are legally permissible, and related expectations for safety and soundness, consumer protection, and compliance with existing law and regulations.

The emerging crypto-asset sector presents potential opportunities and risks to banking organizations, their customers, and the overall financial system. The interagency sprints quickly advanced and built on agencies’ combined knowledge, which helped identify and assess key issues related to potential crypto-asset activities conducted by banking organizations.

The statement from the agencies does not alter any existing agency rules or regulations.

Source: Federal Reserve

Related articles

  1. The Federal Reserve said the pilot exercise will be launched in early 2023.

  2. SEC said control deficiencies and scope of the conduct at issue here was "staggering."

  3. The bank expects to hire several hundred employees in the region.

  4. Employees routinely communicated about business matters using text messaging on personal devices.

  5. Basel Committee Consults on Interest-Rate Risk

    LCH SwapAgent said trade highlights its coordination of the transition to risk free rates for non-cleared OTC ...