The three major U.S. federal banking regulators - the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) - jointly issued a statement, emphasizing the need to strengthen risk management measures for crypto asset custody. The guideline clarifies the applicability of existing laws and regulations and does not introduce new regulatory requirements. Banks providing custody services must operate in a 'safe and sound' manner, complying with trust and non-trust frameworks.
The regulators outlined two compliant custody models: controlling crypto keys under regulatory compliance and acting in a trustee role under legal authorization. This statement highlights the increased institutional involvement in digital assets while strengthening the regulatory framework.
