Aug 17, 2022
[Delio] US Federal Reserve Drafts Guidelines for Bank Crypto Activities
The U.S. Federal Reserve on Tuesday provided additional guidelines for banks engaging in cryptocurrency-related activities, crypto media channel Reuters reported on August 17.
In a statement, the Fed stated that while banks may see “potential possibilities” from cryptocurrencies, they should ensure they have mechanisms in place to make sure the volatile assets do not endanger consumer safety and security, along with the legitimacy of the transactions.
Elizabeth Warren, a US senator, prior to the crypto regulation draft demanded that the U.S. Office of the Comptroller of the Currency (OCC) withdraw its previously issued crypto guidance and replace it with “a comprehensive approach in coordination with other prudential regulators.”
The Fed and the OCC, two U.S. banking regulators, jointly stated last year that they intended to make clear guidelines on the crypto involving regulation by the end of 2022.
Source: REUTERS
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