Fed, FDIC, OCC Clarify How Banks Can Handle Your Crypto
TL;DR
- Federal regulators say banks can offer crypto custody, but only with strong risk controls in place.
- Reputational risk is no longer a factor, opening doors for crypto-bank partnerships.
- OCC, FDIC, and Fed push for secure handling of keys, data, and evolving crypto risk frameworks.
Agencies Explain Rules for Crypto Custody
On Monday, the Federal Reserve, FDIC, and OCC issued a joint statement explaining how banks should apply existing rules when holding crypto for customers. The statement does not introduce new policies but says banks must manage crypto risks like they would with any other service.
The agencies said banks should have clear plans to handle cybersecurity, protect private keys, and keep sensitive…
