Agencies issue clarity on crypto assets as House prepares to vote on digital assets bills

The Federal Reserve, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency issued a joint statement Monday 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.

It does not create any new supervisory expectations.

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.