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ARTICLE · 10 JANUARY 2023

Hitting A Moving Target: Federal Banking Regulators' Latest Commentary On Crypto-Asset Risks

Mayer Brown
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On January 3, 2023, the US federal banking regulators released a statement highlighting key risks for banking organizations associated with crypto-assets and the crypto-asset sector...

United StatesFinance and Banking
Matthew Bisanz
Matthew Bisanz
Jeffrey Taft
Jeffrey Taft
Andrew Olmem
Andrew Olmem
Joseph A. Castelluccio
Joseph A. Castelluccio
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On January 3, 2023, the US federal banking regulators released a statement highlighting key risks for banking organizations associated with crypto-assets and the crypto-asset sector and describing their approaches to supervision in this area.1 While the statement is consistent with the concerned tone of earlier guidance, it provides more detail regarding supervision of these activities.

In this Legal Update, we provide background on the federal banking regulators' approach to supervising crypto-asset activities and discuss their most recent statement.

Background

Since November 2021, federal banking regulators have been increasingly wary of the crypto-asset activities of banking organizations. Their initial views were that it was important to coordinate development of a uniform policy on the scope and prudential requirements for banking organizations' crypto-related activities.2They determined that there were a number of issues surrounding banking

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