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ARTICLE · 22 JULY 2025

Federal Banking Agencies Issue Joint Statement On Crypto-Asset Safekeeping Risk Management

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

United StatesTechnology
Benjamin Saul
Benjamin Saul
Vito Arethusa
Vito Arethusa

On July 14, 2025, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively, the federal banking agencies) issued a joint statement related to risk management for crypto-asset1 safekeeping2 by banking organizations (the Statement).3 The federal banking agencies clarify that the Statement "discusses how existing laws, regulations, and risk-management principles apply to" crypto-asset safekeeping, but "does not create any new supervisory expectations."

The Statement begins by providing general risk management considerations. It then dives into several more specific categories of risk or risk management considerations that a bank organization providing safekeeping services should address, including cryptographic key management, additional risk management considerations, legal and compliance risk, third-party risk management, and audits.

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