The Office of the Comptroller of the Currency (“OCC”) issued a letter (1179) that national banks and federal savings associations must demonstrate that they have adequate controls in place before they can engage in cryptocurrency, distributed ledger, and stablecoin activities. The OCC had issued multiple Interpretive Letters in 2020 and earlier this year related to […]
Highlights From Federal Bank Regulators’ Joint Statement on Cryptocurrency Assets
Recognizing that regulated and non-regulated financial institutions seek to engage in cryptocurrency and crypto asset activities, the three largest federal bank regulators, the Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency, recently issued a joint statement on crypto assets. The regulators broadly defined crypto assets as any […]