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ARTICLE · 18 JULY 2025

Banking Agencies Issue Joint Statement On Crypto-Asset Safekeeping

Duane Morris LLP
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On Monday, July 14, 2025, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency...

United StatesFinance and Banking
Joseph E. Silvia
Joseph E. Silvia
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On Monday, July 14, 2025, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency issued a Joint Statement on Crypto-Asset Safekeeping by Banking Organizations (the "Joint Statement").

The Joint Statement makes clear that it "discusses how existing laws, regulations, and risk-management principles apply to this activity, and does not create any new supervisory expectations." (emphasis added) However, there are helpful nuggets of intel included in this Joint Statement as to what the banking agencies may look at as "appropriate" controls, processes, and risk mitigants.

For purposes of the Joint Statement, safekeeping for crypto-assets "entails controlling the cryptographic keys associated with a crypto-asset." The Joint Statement reminds banking organizations to consider potential risks prior to engaging in a new activity such as safekeeping for crypto-assets and includes

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Disclaimer: This Alert has been prepared and published for informational purposes only and is not offered, nor should be construed, as legal advice. For more information, please see the firm's full disclaimer.

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