December 4, 2021

US Banking Regulators To Release Crypto Guidance In 2022

The Federal Reserve, FDIC and OCC under the US Treasury have identified a number of areas related to digital asset regulation, which require additional clarification. The "interdepartmental sprint" which started in May will continue in 2022.

</p>

The result of these efforts will be the definition of zonesresponsibility of each regulator and building a cooperation mechanism. It is expected to hold consultations with the Basel Committee on Banking Supervision.

To date, agencies have developed an agreed set of terms, identified key risks, and analyzed how existing rules and guidelines could be applied.

The group intends to issue clarifications regarding legally permissible activities for banks related to cryptocurrencies.

The guidelines will also reflect expectations for safety and security, consumer protection and compliance with existing laws and regulations related to:

  • storage of cryptocurrencies and traditional custody services;
  • facilitating the purchase and sale of digital assets by customers;
  • loans secured by cryptocurrencies;
  • the issuance and distribution of stablecoins;
  • activities related to the storage of digital assets on the balance sheet.

In October, the media reported that the FDIC couldextend $ 250,000 insurance coverage to stablecoin deposits. In addition, actions were taken to regulate stablecoins in late October.

In November, the US President's Working Group on Financial Markets published a report listing the risks associated with stablecoins and recommending equating asset issuers to banks.

</p></p>
Facebook Notice for EU! You need to login to view and post FB Comments!