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Financial Institution Letter

Joint Statement on Crypto-Asset Policy Sprint Initiative and Next Steps

November 23, 2021
Notes
 

Summary:

The Federal Deposit Insurance Corporation (FDIC), the Board of Governors of the Federal Reserve System (FRB), and the Office of the Comptroller of the Currency (OCC) (collectively, the agencies) are jointly issuing this statement to summarize the work undertaken during the interagency policy sprints focused on crypto-assets, and to provide a roadmap of future planned work.

The joint Statement can be found on the FDIC website.

Highlights:

  • The agencies recognize that the emerging crypto-asset sector presents potential opportunities and risks for banking organizations, their customers, and the overall financial system.
  • As supervised institutions seek to engage in crypto-asset-related activities, the agencies recognize the importance of providing coordinated and timely clarity, where appropriate, to promote safety and soundness, consumer protection, and compliance with applicable laws and regulations.
  • The agencies recently conducted a series of interagency “policy sprints” focused on crypto-assets, including preliminary analysis of various issues regarding crypto-assets.
  • This joint statement summarizes the work undertaken during the sprints and provides a roadmap of future planned work.

Distribution:

FDIC-Supervised Institutions

FIL-75-2021
Attachment(s)
Part 362 – Activities of Insured State Banks and Insured Savings Associations
Part 364 – Safety and Soundness Standards

Last Updated: November 23, 2021