The Fed, the FDIC and the OCC under the US Treasury Department have identified a number of areas related to digital asset regulation that require further clarification. The “interdepartmental sprint” which started in May will continue in 2022.
The result of these efforts will be to define the areas of responsibility of each regulator and build a cooperation mechanism. It is expected to hold consultations with the Basel Committee on Banking Supervision.
To date, agencies have developed an agreed set of terms, identified key risks and analyzed how existing rules and guidelines could be applied.
The group plans to issue clarifications regarding legally permissible for banks types of activities related to cryptocurrencies.
The guidelines will also reflect expectations for safety and security, consumer protection and compliance with existing laws and regulations.
In October it was reported that the FDIC may extend insurance coverage of $250,000 to deposits in stablecoins, while in November, the US president’s Working Group on Financial Markets published a report in which it listed the risks associated with stablecoins and recommended equating issuers of assets to banks.