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ARTICLE · 25 JULY 2024

Banks On Regulatory Pause From Engaging In Cryptocurrency Activities

Duane Morris LLP
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In our recent Alert, we discussed the limitations that Securities and Exchange Commission (SEC) Staff Accounting Bulletin No. 121 puts on banks that want to offer crypto custody services to their customers.

United StatesTechnology
Roger S. Chari
Roger S. Chari
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In our recent Alert, we discussed the limitations that Securities and Exchange Commission (SEC) Staff Accounting Bulletin No. 121 puts on banks that want to offer crypto custody services to their customers. SAB 121 is not the only regulation that could give pause to banks in engaging in cryptocurrency activities. The Office of the Comptroller of the Currency (OCC), the Federal Reserve Board (FRB) and the Federal Deposit Insurance Corporation (FDIC) regulate and supervise banks more directly. This Alert will discuss the rules and supervisory guidance that these agencies have provided to banks relating to cryptocurrency and how the guidance has evolved over the past several years.

Early OCC Guidance

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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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