The US regulators will prepare guidance on cryptocurrencies during 2022

The interagency group included representatives from the OCC, FDIC, and FRS

24.11.2021 - 11:05

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What’s new? A group of US banking regulators plans to prepare a document in 2022 to regulate banks' interactions with digital assets. The supervisors will define their areas of responsibility, as well as clarify what types of activities can be considered legitimate.

Link to the FRS website

Who is involved in creating the guidance? The group plans to create clarifications on legally permissible cryptocurrency-related activities for banks. It includes the Office of the Comptroller of the Currency (OCC), the Federal Reserve System (FRS), and the Federal Deposit Insurance Corporation (FDIC).

The interagency group will focus on creating a common terminology for digital assets, identifying possible risks to consumers, and assessing how regulations currently apply to digital assets.

What are the prospects? In 2022, the group plans to provide clarity on whether holding, buying/selling, lending, issuing stablecoins, and owning crypto assets are legally permissible for regulated institutions. It will also highlight how banks should comply with laws.

“The agencies also will evaluate the application of bank capital and liquidity standards to crypto assets for activities involving US banking organizations and will continue to engage with the Basel Committee on Banking Supervision on its consultative process in this area,” the document says.

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