The Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency (Federal Agencies) released a joint statement today announcing completion of several interagency “policy sprints” focused on understanding crypto-asset-related activities including:

  • Crypto-asset custody services.
  • Facilitation of customer purchases and sales of crypto-assets.
  • Loans collateralized by crypto-assets.
  • Activities involving payments, including stablecoins.
  • Activities that may result in the holding of crypto-assets on a banking organization’s balance sheet.

Throughout 2022, the Federal Agencies plan to provide clarity on whether these activities conducted by banking organizations are legally permissible, expectations for safety and soundness, consumer protection, and compliance with existing laws and regulations.

CS continues to monitor this legislation for any impact to our solution and will inform our clients and partners of any required changes.