Joint supervisory statement
Agencies issue joint statement on crypto-asset risks to banking organizations
AI summary
The statement is risk guidance: it does not ban crypto activity outright but demands demonstrable risk management.
It emphasises that issuing or holding crypto assets on an open, public and decentralised network is highly likely to be inconsistent with safe and sound banking.
Who this applies to: U.S. banks and bank holding companies, crypto firm partners, custodians, and stablecoin issuers
Implementation status: Joint supervisory statement
- Pre-partnership diligence must cover legal certainty, liquidity impact and compliance maturity.
- Private key control and bankruptcy remoteness are central custody questions.
- Do not use structuring to evade regulatory limits.
Contents
Joint Press Release
January 03, 2023
Agencies issue joint statement on crypto-asset risks to banking organizations
Board of Governors of the Federal Reserve System
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
For release at 2:00 p.m. EST
Federal bank regulatory agencies today issued a statement highlighting key risks for banking organizations associated with crypto-assets and the crypto-asset sector and describing the agencies' approaches to supervision in this area.
In particular, the statement describes several key risks associated with crypto-assets and the crypto-asset sector, as demonstrated by the significant volatility and vulnerabilities over the past year. Given these risks, the agencies continue to take a careful and cautious approach related to current and proposed crypto-asset-related activities and exposures at banking organizations. The agencies continue to assess whether or how current and proposed crypto-asset-related activities by banking organizations can be conducted in a manner that is safe and sound, legally permissible, and in compliance with applicable laws and regulations, including those designed to protect consumers.
The agencies will continue to closely monitor crypto-asset-related exposures of banking organizations, and, as warranted, will issue additional statements related to engagement by banking organizations in crypto-asset related activities.
Joint Statement on Crypto-Asset Risks to Banking Organizations (PDF)
NOTE: This guidance/statement was withdrawn on April 24, 2025 and is no longer applicable. Please see here for more information.
Media Contacts:
Official English source text captured for the public library.