On November 23, the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency (collectively, agencies) published a joint statement on their crypto-asset policy sprint initiative and next steps.

The sector of crypto-assets — digital assets implemented using cryptographic techniques — presents opportunities and risks for the financial system. To analyze and provide coordinated regulatory clarity, the agencies conducted a series of inter-agency “policy sprints”, bringing together various subject matter experts to analyze crypto-asset activities including:

• Custody of crypto-assets

• Facilitation of crypto-assets purchases and sales

• Loans collateralized by crypto-assets

• Payments

• Holding of crypto-assets on a banking organization’s balance sheet

The analysis focused on developing common vocabulary regarding the use of crypto-assets by banking organizations, identifying and assessing key risks, and analyzing the applicability and clarity of existing regulations and guidance.

Throughout 2022, the roadmap will include providing greater clarity on:

• Crypto-asset safekeeping and traditional custody services

• Ancillary custody services

• Facilitation of customer purchases and sales of crypto-assets

• Loans collateralized by crypto-assets

• Issuance and distribution of stablecoins

• Activities involving the holding of crypto-assets on balance sheet.

Further requests for information may be forthcoming on these topics.