On July 30, the president’s Working Group on Digital Asset Markets released a report setting out a coordinated federal approach to digital asset regulation. The report called for agencies to provide clearer guidance and support for bank participation in crypto-related activities, such as digital asset market-making, tokenization, and the use of public blockchains — areas where legal and supervisory expectations remain uncertain.
The report urged federal banking regulators to revive efforts to clarify which crypto activities banks can pursue and to establish a transparent process for regulatory consideration of new activities. The working group recommended the Fed, the FDIC, and the OCC develop risk management and best-practices guidance that is “technology-neutral” and “principles-based,” with a focus on ensuring bank examiners are equipped to oversee these activities.
The report supported making it easier for crypto companies to access essential banking infrastructure, including clearer and more timely processes for obtaining bank charters and reserve bank master accounts. It also called for the adoption of tailored, crypto-specific capital requirements for banks, noting that current international standards may be too restrictive or outdated.
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