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Federal Reserve, FDIC, OCC discuss whether banks can keep crypto in balance sheets - regulation
A group of US banking supervisory authorities is working on how banks can be allowed to offer crypto services and keep cryptocurrencies in their balance sheets. The chairman of the Federal Deposit Insurance Corporation (FDIC) said: "If we do not bring this activity to the banks, it will develop outside of the banks ... The Federal Supervisory Authorities will not be able to regulate them." US regulatory authorities determine clear rules for banks to deal with crypto Jelena McWilliams, the chairwoman of the Federal Deposit Insurance Corporation (FDIC), Reuters said in an interview at a FinTech conference on Monday that a team of US bank supervisory authorities will be working on a timetable for dealing with crypto-assets ...
Federal Reserve, FDIC, OCC discuss whether banks can keep crypto in balance sheets - regulation
A group of US banking authorities works on how banks can be allowed to offer cryptodes and to keep cryptocurrencies in their balance sheets. The chairman of the Federal Deposit Insurance Corporation (FDIC) said: "If we do not bring this activity to the banks, it will develop outside of the banks ... The Federal Supervisory Authorities will not be able to regulate them."
US regulatory authorities determine clear rules for banks to deal with crypto
Jelena McWilliams, the chairwoman of the Federal Deposit Insurance Corporation (FDIC), Reuters said in an interview at a FinTech conference on Monday that a team of US bank supervisory authorities will be working on dealing with a timetable for dealing with crypto-assets.
The team consists of the FDIC, the Federal Reserve and the Office of the Compotroller of the Currency (OCC). Randal Quarles, deputy supervisor of the Federal Reserve revealed the collaboration of the three US regulators in May.
mcWilliams said on a conference panel:
My goal in this cross-agency group is to offer the banks a way to act as the storage of these assets, to use crypto-assets, digital assets as any form of collateral ... at some point we will tackle it and under what circumstances you can keep banks in your balance sheet.
While it is easy to determine clear rules for banks to provide custody services, the FDIC boss said that it was difficult to find out how a volatile asset is used as security and can be included in the bank balance sheets.
It was cited with the words: "Assessment of these assets and their value-value, which can be almost daily ... You have to decide which type of capital and liquidity treatment you assign."
The OCC under the direction of Brian Brooks clarified that National banks and federal sparkling food services for customers can offer. Brooks has resigned, however, and the new incumbent auditor of the currency, Michael HSU, has requested of the cryptocurrency standards.
before taking office before taking office."I think we have to allow banks in this area and at the same time adequately manage and reduce the risk," said McWilliams and explained:
If we do not bring this activity to the banks, it will develop outside of the banks ... The federal supervisory authorities will not be able to regulate.
What do you think of banks who keep cryptocurrencies in your balance sheets? Let us know in the comment area below.
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