U.S. Banking Regulators Issue Crypto 'Safekeeping' Statement, Not Pushing New Policy
Main Idea
U.S. banking regulators issued guidance on the proper safekeeping of customers' crypto assets, clarifying existing laws and risk-management practices without pushing new regulations.
Key Points
1. The Federal Reserve and other U.S. banking agencies released a statement on crypto asset safekeeping.
2. The seven-page memo outlined existing laws, regulations, and risk-management practices for banks handling crypto assets.
3. The guidance does not introduce new regulations but clarifies current requirements.
4. The statement reflects ongoing efforts to address the relationship between banks and crypto firms under evolving regulatory frameworks.
Description
The Federal Reserve and other U.S. banking agencies issued another statement on the proper handling of crypto assets on Monday, outlining the appropriate policies that need to be followed for banks engaging in the "safekeeping" of customers' digital assets. The statement sent out from the Fed, Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency made clear that these latest considerations do not represent a new policy push. The trio of agencies set out to clarify tha...
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