Federal Reserve and other US banking agencies issued another statement about the proper handling of crypto assets on Monday, outlining the relevant policies to be followed for banks participating in “storage” of customers’ digital assets.
The statement sent from Fed, Federal Deposit Insurance Corp. And the Office of the Currency Controller made it clear that these recent considerations do not represent a new political push.
The trio of agencies intended to clarify, to properly keep such assets involving “to control the cryptographic keys associated with the crypto asset in a way that complies with applicable laws and regulations.”
Apart from cryptographic key management, the seven-page memo outlined some of the requirements for money-releasing controls, risk management supervision, software knowledge and audits.
“This statement discusses how existing laws, regulations and risk management principles apply to this activity and do not create new supervisory expectations,” the agencies said.
The US banking regulators have had a stormy relationship with the digital assets after issuing guidance under the former administration of President Joe Biden, who limited bankers in easy to do business with cryptic businesses. But the regulators under President Donald Trump have rolled back this guide.
The latest feelings from the agencies come at the beginning of the US representative’s self-described crypto week, where legislators are expected to approve more crypto bills in an attempt to establish formal American digital assets.
Read more: Former Bitfury Exec Gould confirmed to take over the US banking agency OCC
