U.S. financial regulators outlined new requirements for banks regarding cryptocurrency, especially focusing on custody and cybersecurity.
New Cryptocurrency Custody Rules
Regulators, including the Federal Reserve, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation, stressed that banks should treat crypto custody like any new product or service. They emphasized the importance of cybersecurity and access controls when offering crypto custody services.
"A banking organization that is contemplating providing safekeeping for crypto-assets should consider the evolving nature of the crypto-asset market, including the technology underlying the crypto-assets," the statement read.
Changes in Approach to the Crypto Market
The emergence of new clarifications from federal agencies is associated with a change in Washington's approach to the cryptocurrency market. Notably, the OCC confirmed that U.S. banks are allowed to buy and sell digital assets for their customers, while the FDIC abandoned its requirement for prior notification when entering the crypto services market.
Key Appointments in the Crypto Industry
Amid the regulatory changes, crypto advocates are also taking key positions. Last week, the Senate confirmed Jonathan Gould, former chief legal officer at blockchain firm Bitfury, as the new head of the OCC. Gould previously served as senior deputy comptroller and chief counsel at the same agency.
The shift toward a new regulatory approach for crypto-assets in the U.S. reflects the growing recognition of the importance of digital currencies in the financial market. With new rules and key appointments in place, it is clear that the financial system is adapting to the demands of the time.
