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Crypto Oversight Road Map Is Set by U.S. Banking Regulators -Breaking

by Mike Robinson

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© Bloomberg. On Saturday, November 20, 2021, the Marriner S. Eccles Federal Reserve Building in Washington, D.C., U.S.A. Just weeks after it began a process to reduce the size of its massive bond-buying program, the Federal Reserve is now considering a faster drawdown. Photographer Samuel Corum/Bloomberg

(Bloomberg), The U.S. bank agencies set a roadmap for how they want to tackle the oversight of the crypto industry. According to Tuesday’s joint statement, the agenda included custody, cryptocurrency-backed loans and possible capital standards. 

“Throughout 2022, the agencies plan to provide greater clarity on whether certain activities related to crypto-assets conducted by banking organizations are legally permissible,” the Federal Reserve, Office of the Comptroller of the Currency and Federal Deposit Insurance Corp. said in the statement. 

While the announcement doesn’t affect any current regulations, the series of topics the officials intend to clarify in the next year would govern how the agencies may regulate the digital-coin industry as it intersects banking and is brought into federal oversight. 

©2021 Bloomberg L.P.

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