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    US Agencies Issue Statement on Crypto-Asset Policy Initiatives

    November 23, 2021

    US Agencies issued a statement that summarizes the work undertaken during the interagency policy sprints focused on crypto-assets and provides a roadmap of future work related to crypto-assets. These US Agencies are the Board of Governors of the Federal Reserve System (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC). The agencies recognize that the emerging crypto-asset sector presents potential opportunities and risks for banking organizations, their customers, and the overall financial system.

    The US Agencies (FDIC, FED, and OCC) focused on quickly advancing and building on their combined knowledge and understanding related to banking organizations’ potential involvement in crypto-asset-related activities. The focus of the sprint work included:

    • Developing a commonly understood vocabulary using consistent terms regarding the use of crypto-assets by banking organizations
    • Identifying and assessing key risks, including those related to safety and soundness, consumer protection, and compliance, and considering legal permissibility related to potential crypto-asset activities conducted by banking organizations
    • Analyzing the applicability of existing regulations and guidance and identifying areas that may benefit from additional clarification

    Throughout 2022, the US Agencies plan to provide greater clarity on whether certain activities related to crypto-assets conducted by banking organizations are legally permissible and on expectations for safety and soundness, consumer protection, and compliance with the existing laws and regulations related to crypto-asset safekeeping and traditional custody services; ancillary custody services; facilitation of customer purchases and sales of crypto-assets; loans collateralized by crypto-assets; issuance and distribution of stablecoins; and activities involving the holding of crypto-assets on balance sheet. The US Agencies will evaluate the application of bank capital and liquidity standards to cryptoassets for activities involving banking organizations and will continue to engage with the Basel Committee on Banking Supervision on its consultative process in this area. The agencies continue to monitor developments in crypto-assets and may address other issues as the market evolves. They will also continue to engage and collaborate with other relevant authorities, as appropriate, on issues arising from activities involving crypto-assets.

     

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    Keywords: Americas, US, Banking, Crypto-Asset, Crypto-Asser Regulation, Roadmap, Stablecoins, Collateral, Basel, BCBS, US Agencies

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