Daniel Walker
In a coordinated move, three major U.S. regulators — the Federal Reserve Board, Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC) — have released new guidance clarifying how traditional banks can provide crypto custody services.
In the statement published Monday, the agencies emphasized that the guidance does not introduce new regulatory requirements, but instead aims to outline how existing risk management frameworks apply to crypto-asset safekeeping.
Key Risks Include Cybersecurity and Key Management
According to the release, banks exploring digital asset custody should evaluate the unique risks posed by the crypto sector, just as they would with any emerging product. The agencies cited cybersecurity threats, key custody responsibilities, and technology-related vulnerabilities as critical considerations.
“A financial institution considering custody of crypto-assets must take into account the dynamic and fast-evolving nature of the digital asset landscape,” the statement reads. “This includes implementing a robust risk governance strategy tailored to these emerging challenges.”
Crypto Guidance Gains Momentum Under Trump-Era Appointees
This latest regulatory clarification follows a series of crypto-related actions by U.S. agencies since President Donald Trump returned to office. In May, the OCC confirmed that banks may legally engage in buying and selling digital assets, while the FDIC eased previous restrictions, stating that banks no longer need to notify the agency before getting involved in crypto-related services.
Pro-Crypto Leaders Now Head Key Financial Agencies
The regulatory tone has also shifted with the appointment of crypto-savvy executives to high-level positions. Most recently, the Senate confirmed Jonathan Gould, a former blockchain industry executive and chief legal officer at Bitfury, as the new head of the OCC. Gould previously held senior positions at the OCC, including Senior Deputy Comptroller and Chief Counsel.
His appointment is seen as another pro-innovation signal to the digital asset industry, as Washington continues to lay the groundwork for crypto integration into the traditional banking system.
