A White House task force yesterday released a report on strategies to strengthen U.S. leadership in digital assets, including policy recommendations for expanding banking access for cryptocurrency activities.
The 166-page report by the Working Group on Digital Asset Markets explores ways to expand implementation of the technology while guarding against the use of crypto in illegal activities. A chapter in the report is dedicated to banking and digital assets, containing several policy recommendations. They include:
- More clarity and transparency regarding the process for eligible institutions to obtain a bank charter or a Federal Reserve Bank master account.
- Clarifying or expanding the permissible digital asset activities in which banks may engage, consistent with applicable law.
- Rescinding Federal Reserve guidance on state bank permissible activities [Section 9(13) Policy Guidance and 12 C.F.R. § 208.112] to ensure those banks “are permitted to explore innovative banking technologies and products.”
- Have the banking agencies develop guidance and best practices that are “technically sound and principles-based.”
- Ensure that banking agency best practices or guidance on risk management and bank engagement are “technology-neutral and that expectations regarding offering banking services do not discriminate against lawful businesses solely due to their industry.”
