Federal Reserve Board and FDIC Withdraw Crypto-Asset Activities Guidance

Key Takeaways:

• On April 24, the Federal Reserve Board rescinded two letters (SR 22-6 / CA 22-6 and SR 23-8 / CA 23-5) and, together with the FDIC, withdrew from interagency statements concerning certain crypto-asset related activities permissible for banking organizations.
• The Federal Reserve Board, OCC and FDIC are now aligned in no longer requiring banking organizations to provide regulatory notice and receive nonobjection prior to engaging in certain crypto-asset activities.
• The three regulators note that they are “exploring issuing additional clarity with respect to banking organizations’ crypto-asset and related activities in the coming weeks and months.”

Read More