Banking Banking regulators release the Crypto ‘Caution’ statement, not pushing a new policy
Federal Reserve and other US banking agencies released another statement In properly handling the property of the crypto on Monday, outlining the appropriate policies that need to be followed for banks engaged in the “caution” of customers’ digital assets.
The statement sent from Fed, Federal Deposit Insurance Corp. And the COMPTROLLER office of the currency is clear that these latest considerations do not represent a new policy push.
The trio of agencies set to clarify that proper maintenance of such properties involves “controlling cryptographic keys associated with crypto-asset in a way that complies with applicable laws and regulations.”
In addition to cryptographic key management, the seven-page memo outlines some of the demands of money-laundering controls, risk management oversight, software and audit knowledge.
“This statement discusses how the existing laws, regulations and principles of management applies to this activity apply, and does not create any newly expected administration,” the agencies said.
US banking regulators have had a chaotic relationship with the digital assets, which has released a guide to President Joe Biden’s previous administration forcing the bankruptcases from easy business doing in crypto companies. But regulators under President Donald Trump have Roll back to that guidance.
The latest feelings from agencies come to the start of the US House of Representative ‘described self -described Crypto Week where lawmakers Expected to approve many crypto bills In an effort toward the establishment of formal regulation of US digital assets.
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