WASHINGTON--The Federal Reserve, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency have issued a joint statement on continued efforts to provide clarity on banks' engagement in crypto-asset-related activities.
The statement highlights potential risk-management considerations related to holding crypto-assets on consumers’ behalf, or crypto-asset safekeeping.
The joint statement discusses existing risk-management principles that apply to crypto-asset safekeeping. It reminds banks that provide or are considering providing safekeeping of such assets that they must do so in a safe and sound manner and in compliance with applicable laws and regulations, America's Credit Unions explained.
It does not create any new supervisory expectations, ACU noted.
"America’s Credit Unions supports legislation to create a regulatory framework for digital assets and give credit unions the ability to offer digital asset services. The House is expected to vote on the Digital Asset Market Clarity (CLARITY) Act, (H.R. 3633) and the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act (S. 1582). The Senate passed its version of the GENIUS Act last month," ACU added.
The Defense Credit Union Council emphasized that for over a year it has urged Congress to "pass legislation that will provide a framework to give credit unions what they need to participate in the digital economy. It is time for Congress to advance legislation that will make this happen."