Key Takeaways
- Federal Reserve, OCC, and FDIC clarified that banks must manage risks when offering bitcoin custody services.
- The joint statement does not create new rules but reinforces existing risk management expectations for digital asset safekeeping.
- Leadership changes at key agencies signal a more bitcoin-friendly U.S. regulatory environment.
U.S. federal banking agencies have issued new guidance clarifying how existing regulations apply to banks that hold bitcoin on behalf of customers.
The joint statement, released Monday by the Federal Reserve Board, Office of the Comptroller of the Currency (OCC), and Federal Deposit Insurance Corporation (FDIC), is aimed at addressing industry uncertainty around custody of digital assets.
Statement
The statement emphasized that banks must consider risks associated with bitcoin custody as they would with any new product or service.
Key concerns highlighted included cybersecurity and the secure management of cryptographic keys and other sensitive information.
The agencies explained:
“A banking organization that is contemplating providing safekeeping for crypto-assets should consider the evolving nature of the crypto-asset market, including the technology underlying the crypto-assets, and implement a risk governance framework that appropriately adapts to relevant risks.”
The statement stressed that these clarifications do not establish new supervisory expectations, but rather reinforce the need for robust risk management frameworks. This comes amid a series of regulatory updates since President Donald Trump took office, with agencies like the OCC in May stating that banks can buy and sell digital assets for customers, and the FDIC recently allowing financial institutions to engage in digital asset activities without advance notification.
In a further shift, the U.S. Senate last week confirmed former blockchain executive Jonathan Gould as head of the OCC, signaling a more digital asset-friendly regulatory environment.
For those interested in the technical details of bitcoin custody, the bitcoin whitepaper remains a foundational resource.
