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US Federal Reserve, Other Agencies Continue to Warn Banks About Crypto
U.S. banking regulators argue that the past year of crypto drama underscores the need to keep banks at an arm’s length from the industry.
The U.S. Federal Reserve and other regulators issued a crypto warning for the banking system Tuesday, though the statement doesn’t extend any new policies about how traditional lenders deal with digital assets.
“Given the significant risks highlighted by recent failures of several large crypto-asset companies, the agencies continue to take a careful and cautious approach related to current or proposed crypto-asset-related activities and exposures at each banking organization,” according to the statement from agencies that also included the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corp. (FDIC).
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Issuing digital tokens or holding them on their own balance sheets “is highly likely to be inconsistent with safe and sound banking practices,” the agencies argued. The three regulators said they have “significant safety and soundness concerns with business models that are concentrated in crypto-asset-related activities.”
The U.S. banking regulators have maintained a careful resistance to cryptocurrency getting a significant toehold in the traditional financial system. They’ve allowed some custody operations among lenders, and the OCC briefly extended provisional charters to crypto trust banks, but the rules at the agencies now hold that a lender must get approval in advance before getting into any new business involving this sector.
Last month, the heads of the three agencies agreed with the rest of the Financial Stability Oversight Council to include cryptocurrencies as a danger area in the group’s annual report that flags risks to the financial system.
Read more: US Regulator 'Improperly' Pushing Banks to Avoid Serving Crypto Companies, Lawmaker Says
Jesse Hamilton
Jesse Hamilton is CoinDesk's deputy managing editor on the Global Policy and Regulation team, based in Washington, D.C. Before joining CoinDesk in 2022, he worked for more than a decade covering Wall Street regulation at Bloomberg News and Businessweek, writing about the early whisperings among federal agencies trying to decide what to do about crypto. He’s won several national honors in his reporting career, including from his time as a war correspondent in Iraq and as a police reporter for newspapers. Jesse is a graduate of Western Washington University, where he studied journalism and history. He has no crypto holdings.
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Crypto Industry Asks President Trump to Stop JPMorgan’s 'Punitive Tax' on Data Access
A coalition of fintech and crypto trade groups is urging the White House to defend open banking and stop JPMorgan from charging fees to access customer data.
Was Sie wissen sollten:
- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
