US Federal Reserve Board Issues Policy Statement That Limits Banks' Crypto Related Activities – Regulation Bitcoin News

The United States Federal Reserve Board has issued a new policy statement which says that both insured and uninsured banks under its supervision will be subjected to the “same limitations on activities, including novel banking activities, such as crypto-asset-related activities.”also clarifies that the institutions will be subjected to the limitations “on certain activities” which fall under the auspices of the Office of the Comptroller of the Currency .

The policy statement, which becomes effective upon publication in the Federal Register, implores banks to ensure that their activities are above board and are conducted “in a safe and sound manner.” This can be achieved by having risk management processes in place, internal controls, as well as information systems.

In recent years, the Board has received a number of inquiries, notifications, and proposals from banks regarding potential engagement in novel and unprecedented activities, including those involving crypto-assets. In response, the Board’s statement specifies how it will evaluate such inquiries, consistent with longstanding practice.

Meanwhile, the statement clarified that the board’s latest action does not, however, preclude a state member bank or prospective applicant from providing crypto-assets safekeeping services. This is only permissible when “conducted in a safe and sound manner and in compliance with consumer, anti-money laundering, and anti-terrorist financing laws.”

Anything that makes the FED controls crypto, I'm fucking out because the future won't be too bright again

A “safe and sound manner” means not until the Fed controls it and can receive tax payer bailouts.

ERTHA

they should still be able to connect your blockchain native wallet via apin system and buy and sell coins and i would think be able to connect it to your debit card

The tyrannical banking cartel strikes again.

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Wyoming crypto bank's Federal Reserve application deniedThe Federal Reserve Board has denied a Wyoming cryptocurrency bank's application for Federal Reserve System membership, officials announced Friday, dealing a setback to the crypto industry's attempts to build acceptance in mainstream U.S. banking. Many in crypto have been looking to Cheyenne-based Custodia Bank's more than 2-year-old application as a bellwether for crypto banking. Approval would have meant access to Federal Reserve services including its electronic payments system.
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