US Banking Regulators Clarify Crypto Asset Safekeeping Standards Without New Rules

Overview

• Federal Reserve, FDIC and OCC release seven-page safekeeping guidance that clarifies compliance with existing regulations and stresses it does not introduce new supervisory expectations.
• The statement outlines requirements for cryptographic key control, anti-money-laundering safeguards, risk oversight, software standards and audit programs.
• The guidance defines safekeeping as holding assets on behalf of customers under existing custody obligations.
• This release follows earlier rollbacks since March that removed pre-approval and notification rules for banks engaging in crypto services.
• Lawmakers are planning to advance multiple digital asset bills during the House’s Crypto Week, aligning congressional efforts with the regulators’ clarified framework.