Krutika Adani
The Fed, FDIC, and OCC issued a joint statement telling banks to follow existing laws and risk controls when offering crypto ‘safekeeping’ services.
Banks can hold crypto either in a fiduciary role (as a trustee) or a non-fiduciary one. Both require strict compliance with federal and state laws.
Banks must implement safeguards to protect customer crypto assets from hacking, data loss, or mismanagement of private keys.
Recent regulatory shifts under President Trump have removed “reputational risk” from supervision, enabling more crypto engagement for banks.
The timing of the Fed’s statement aligns with the GOP-led “Crypto Week,” where key bills like the CLARITY Act and Anti-CBDC Act are set to shape crypto’s future.