In recent cryptocurrency regulation news, financial regulators in the United States have released policy agenda for the regulation of cryptocurrencies. This comes after discussions on the best solutions for overseeing the booming market.
Officials are calling the policy agenda “crypto sprint”. It lays out somewhat of a to-do list for the coming year offering more clarity on the rules for those playing the crypto market.
It includes summarized plans by the FDIC, OCC, and the Federal Reserve, including bank activities that are legal and how to comply with existing regulations surrounding consumer protection as it relates to cryptocurrency.
A statement from regulators said, “The interagency sprints quickly advanced and built on agencies’ combined knowledge, which helped identify and assess key issues related to potential crypto-asset activities conducted by banking organizations.”
A few of the things that regulators will be focusing on overseeing the following bank activities:
- Safe storage of cryptocurrencies
- Exchanging fiat currency for cryptocurrency
- Purchasing cryptocurrency
- Settling and executing trades
- Crypto-backed loans
- Stablecoin issuance
- Tax services
Jaret Seiberg, an analyst with Cowen & Co. said, “Regulators are promising actions that could probably impact decentralized finance and crypto trading.” She continued by saying, “It is broadly supportive of our view that regulators plan to treat crypto solutions the same as the product it is trying to replicate.”
Even though regulators are releasing their ideas in the policy agenda, whoever the President chooses for vice chair of supervision on the Board of Governors will influence any final decisions.