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U.S. Banks Allowed to Conduct Cryptocurrency Operations
The U.S. government has, as expected, authorized banks at the federal level to conduct cryptocurrency operations.
In January 2023, officials of the Federal Reserve System (Fed) prohibited federal banks and regional uninsured banks from providing services related to digital assets, citing the high risks posed by virtual currencies. However, nearly three years later, officials decided to abolish this restriction, allegedly due to the progress achieved in the development of cryptocurrency products and services.
At the same time, the Fed published new rules under which insured and uninsured regional banks are permitted to conduct digital asset operations with regulatory approval, provided they use robust risk management tools. The directive makes no mention of federal banks, therefore it appears that they are still not allowed to engage in cryptocurrency activities, as before.
This assumption is indirectly confirmed by a statement from Federal Reserve Vice Chair Michael Barr, who did not support the initiative:
“The principle of equal treatment of all banks remains relevant today.
Therefore, I cannot agree to repeal the rules [adopted in 2023] and approve new ones that, in their essence, would encourage regulatory arbitrage, create unequal competitive conditions, and provide advantages that interfere with ensuring financial stability.”
Michael Barr
See also: "Regulators Named the Main Threats to Crypto Investors Ahead of the New Year Holidays"
