Federal Banking Agencies Provide Guidance on Crypto Safekeeping
U.S. federal banking regulators—the Federal Reserve Board, the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC)—have issued a joint statement confirming that existing regulations already cover how banks should handle cryptocurrencies for their customers.
The agencies clarified that banks are permitted to offer crypto custody services, but they must do so responsibly. This includes maintaining strong risk management practices, especially in areas such as cybersecurity and control over private keys. Importantly, the regulators emphasized that they are not introducing any new rules at this time. Instead, banks are expected to manage crypto services using the same rigorous governance and oversight frameworks they apply to traditional financial products.
Crypto Activities Treated Like Traditional Banking Services
The statement signals a growing acceptance of crypto within the traditional financial system. As the digital asset industry continues to evolve, federal agencies are adapting by providing clearer guidance to financial institutions. Banks looking to engage in crypto-related activities must approach them with the same level of care and scrutiny as other products they offer.
This regulatory clarity builds on broader efforts that began during President Trump’s administration to better define the role of crypto in banking. Recent moves reflect this ongoing shift: the OCC has now permitted banks to buy and sell crypto on their own behalf, and the FDIC no longer requires prior approval for certain crypto activities. These updates mark a notable shift in tone from regulators, signaling greater openness to innovation in the banking sector.
Adding to this momentum, the confirmation of Jonathan Gould—a former blockchain executive—as the new head of the OCC underscores the federal government’s continued interest in supporting responsible crypto adoption in financial institutions.
