Tere have been some positive developments, with the Office of the Comptroller of the Currency issuing an interpretive letter clarifying its approach for approving crypto-related activities for national banks. In addition, a report by the President’s Working Group on Financial Markets highlighted the risks of stablecoins, recommending that they be issued by insured depository institutions that are subject to consolidated
supervision and that any providers of custodial wallets be subject to appropriate federal oversight as well.
For our part, the American Bankers Association is taking a deep dive into what we can do to support banks’ participation in crypto and other digital assets through both our advocacy and through technology partnerships. In addition, in December 2021, we made an investment in NYDIG, a leading provider of bitcoin
services for banks. Tis investment will support banks’ ability to meet customer demand in this rapidly evolving market so that as we unlock this “new frontier” of cryptocurrencies and digital assets, consumers can continue to place their trust in America’s banks to meet their financial needs.
We understand that expanding into cryptocurrency products and solutions won’t be for every bank, and that’s
okay. We firmly stand with banks in their right to decide, according to their own judgment and market strategy, what products they will offer. However, even with mixed opinions on the value of cryptocurrency as an asset class or as a basis for a product set, ABA believes strongly that banks should have access to the tools, partners and regulatory frameworks that allow them to meet their customers’ needs.
Email Rob Nichols at nichols@
aba.com.
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THE MISSOURI BANKER 7
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