US Regulators To Offer Crypto Oversight Clarity

The American banking regulators have recently put together a roadmap that will see them offer clarity over the coming year on several areas related to the cryptocurrency industry.

With the mainstream financial services companies now becoming majorly interested in the nascent crypto sector, the Federal Deposit Insurance Corporation (FDIC), Federal Reserve System, and Office of the Comptroller of the Currency (OCC) has been striving relentlessly to get up to speed.

These regulators have been conducting several ‘policy’ sprints’ to get an initial and in-depth analysis on different issues that surround the crypto-assets. Today, these agencies are promising to provide greater clarity on whether some of the activities done by the banks are legal and what can be expected in terms of consumer protection, safety, and regulatory compliance.

In 2022, guidance will be given on ancillary custody services, activities that involve the holding of crypto assets on balance sheets, and loans collateralized using crypto assets. The regulators will also expound on crypto-asset safekeeping and traditional custody services, the facilitation of customer sales and purchases of cryptocurrency assets, together with the issuance and distribution of stablecoins.

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