In April, the FDIC, Federal Reserve, and OCC, withdrew supervisory guidance, and two joint statements previously issued on crypto-asset-related activities. You can read the press release here.

The agencies have advised that their intent is for banking organizations to engage in permissible crypto-asset activities and provide products and services to persons and firms engaged in crypto-asset related activities, consistent with safety and soundness and applicable laws and regulations.

Until we receive further guidance from regulators, CCI suggests proceeding with caution. Banks currently engaged or who are considering engaging in crypto-asset-related activities or offering products or services to persons involved in such activities should apply key principles and practices for bank risk management including KYC/CDD, AML/CFT, Third-Party Risk Management, Operational Risk Management, and Governance and Risk Appetite Frameworks.