U.S. Banking Regulators Clarify Crypto Safekeeping Policies Without Introducing New Rules

Federal banking agencies, including the Federal Reserve, FDIC, and OCC, issued a joint statement outlining existing policies for banks handling crypto asset safekeeping. The guidance emphasizes compliance with current laws, particularly around cryptographic key management, anti-money laundering controls, and risk oversight.

The seven-page memo explicitly states it does not establish new supervisory expectations, instead clarifying how longstanding regulations apply to digital asset custody. This MOVE follows years of regulatory uncertainty for banks engaging with crypto clients.

Regulators under the Biden administration had previously constrained bank-crypto firm relationships, though some restrictions were rolled back during the TRUMP presidency. The latest statement appears to strike a middle ground—neither encouraging nor discouraging bank participation in crypto markets.