Banks May Engage In Some Crypto Activities Without Prior Notice Says FDIC

Key Takeaways

• The FDIC recently rescinded guidance requiring FDIC-supervised institutions to give notice to the FDIC before engaging in crypto-related activities.
• Banks regulated by the FDIC may now engage in permissible crypto-related activities without prior notice.
• Permissible crypto-related activities currently include crypto asset custody, holding stablecoin reserves, acting as nodes on a distributed ledger and engaging in stablecoin activities to facilitate payments on a distributed ledger.
• The OCC took similar action previously, but banks supervised by the Federal Reserve Board are still subject to the notice requirement.
• Future guidance is expected to expand the list of permissible crypto-related activities.