On Monday, the Federal Reserve and other US banking agencies issued a statement outlining the proper handling and storage of cryptocurrency assets by banks. The statement, released by the Fed, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency, clarifies that this guidance does not mark a shift in policy. Instead, it aims to provide clarity on the existing laws and regulations governing the 'safekeeping' of digital assets, including the management of cryptographic keys, anti-money laundering controls, risk management, and software expertise. The agencies stressed that this statement does not create new supervisory expectations but rather applies existing principles to cryptocurrency custody.
This development comes amid a complex history between US banking regulators and the digital asset space, with previous guidance having been introduced and later rolled back. The statement coincides with the US House of Representatives' 'Crypto Week,' during which lawmakers are expected to consider and approve several cryptocurrency-related bills as part of broader efforts to establish formal regulations for digital assets in the US.