Thomas Trutschel/ Photothek is pictured.
US regulators plan to give guidance on the role of traditional banks in cryptocurrencies to promote consumer protection and compliance.
The Federal Reserve's board of governors, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency conducted a series of policy sprints focused on digital asset activities banks may be interested in, according to a joint statement Tuesday.
They include custody, sales, loans, and stable coins.
The three federal agencies have focused on developing a consistent cryptocurrencies vocabulary, identifying key risks related to safety and compliance, and analyzing the applicability of existing regulations and guidance.
The agencies plan to give greater clarity on whether certain activities related to the use of cryptocurrencies are legal and what expectations are for safety and soundness, consumer protection, and compliance with existing laws.
The three agencies first announced the formation of an interagency team for regulation of cryptocurrencies.
Major US banks have not shied away from offering services related to digital assets despite the lack of regulatory clarity.
US Bank launched a service for fund managers in October.
Business Insider has an original article.
