Banks Engaging in Crypto ‘Safekeeping’ Must Strengthen Risk Controls: US Fed Agencies
Main Idea
US banking regulators issued a joint statement emphasizing the need for banks offering crypto custody services to adhere to existing risk-management protocols and regulations.
Key Points
1. The Federal Reserve, FDIC, and OCC jointly reminded banks to follow risk-management considerations for crypto-asset safekeeping.
2. Banks can provide crypto custody in two forms, but must comply with specific federal regulations (12 CFR 9 or 150) to mitigate risks like data loss and private key mismanagement.
3. The FDIC recently removed 'reputational risk' as a factor in bank supervision, signaling a shift toward more crypto-friendly oversight under the current administration.
4. The GOP is pushing three key crypto bills during 'Crypto Week,' including the CLARITY Act, the Anti-CBDC Surveillance State Act, and the Senate’s GENIUS Act.
Description
Three US Fed banking regulators issued a joint statement on Monday, reminding banks that offer crypto custody to follow risk-management considerations. The Federal Reserve, Federal Deposit Insurance Corp. (FDIC) and the Office of the Comptroller of the Currency (OCC) discussed how existing laws, regulations and risk-management protocols apply to crypto ‘safekeeping.’ The agencies clarified that the statement does not create any new supervisory expectations, emphasizing the need for stronger risk...
Latest News
- Is OnlyFans Really Worth $8 Billion? What Platforms Like SUBBD Are Getting Right, ICO Hits $1M2025-08-15 15:30:46
- BlackRock Pours Over $1B into Bitcoin & Ethereum ETFs During Dip — What Do They Know?2025-08-15 14:48:16
- Bitcoin Price Prediction: Treasury ‘No Buy’ Triggers Panic Dip – Smart Money Sees Opportunity, Not Fear2025-08-15 14:28:53
- Dogecoin Price Prediction: $5B Volume Surge + Whale Buys – DOGE Could Go Higher Than Most Think2025-08-15 14:27:30
- Solana Price Prediction: Technicals Point to More Upside – Can SOL Hit $500 Within 2 Weeks?2025-08-15 14:15:06