Crypto Oversight Road Map Is Set by U.S. Banking Regulators By Bloomberg

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

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© Bloomberg. The Marriner S. Eccles Federal Reserve building in Washington, D.C., U.S., on Saturday, Nov. 20, 2021. The Federal Reserve looks on course to consider a more rapid drawdown of its mammoth bond-buying program just weeks after it instituted a plan to scale the purchases back in a methodical manner. Photographer: Samuel Corum/Bloomberg 2/2

(Bloomberg) -- U.S. banking agencies have set an agenda for how to begin tackling oversight of the cryptocurrency industry, according to a joint statement issued Tuesday that addressed custody, crypto-backed loans and the possibility of capital standards for the burgeoning sector.

“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.

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