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URL:
https://www.nextgov.com/emerging-tech/2023/02/federal-reserve-issues-new-restrictions-crypto-banking/382661/
Submission: On February 10 via api (February 10th 2023, 4:23:41 pm UTC) from ZA — Scanned from DE

Form analysis
5 forms found in the DOM

/search/

<form class="search-box-2-input-holder" action="/search/">
  <input class="search-box-2-input" type="text" name="q" placeholder="Search" required="">
  <button type="submit" class="search-box-2-submit">
    <svg class="search-box-2-submit-svg">
      <use xlink:href="/static/a/base/svg/spritesheet.svg?v=17.11.0#icon-arrow-right-1b"></use>
    </svg>
  </button>
</form>

POST /newsletter-subscribe

<form class="subscribe-form" action="/newsletter-subscribe" method="post"><input type="hidden" name="source-signup" value="ng-rail-post"><input type="hidden" name="newsletter-ng-today" value="on">
  <div class="form-group"><label class="subscribe-label"><span class="sr-only">email</span>
      <div class="input-group"><span class="input-group-prepend"><svg class="subscribe-email-icon">
            <use xlink:href="/static/a/base/svg/spritesheet.svg?v=17.11.0#icon-email"></use>
          </svg></span><input class="form-control form-control-lg" name="email" type="email" placeholder=" Enter your email " required="" autocomplete="email"><span class="input-group-append"><button class="btn btn-secondary" type="submit"><svg
              class="subscribe-submit-icon">
              <use xlink:href="/static/a/base/svg/spritesheet.svg?v=17.11.0#icon-arrow-right"></use>
            </svg></button></span></div>
    </label></div>
</form>

POST /newsletter-subscribe

<form class="survey-modal-form" action="/newsletter-subscribe" method="post">
  <fieldset>
    <input type="hidden" name="source-signup" value="">
    <input type="hidden" name="email" value="">
    <input type="hidden" name="is-survey" value="1">
    <div class="form-group survey-modal-full-name">
      <label for="full-name" class="survey-modal-label">Full Name</label>
      <input class="form-control form-control-lg survey-modal-field" id="full-name" name="full-name" type="text" autocomplete="name">
    </div>
    <div class="form-group survey-modal-i-work-for">
      <label for="employer" class="survey-modal-label">I Work For...</label>
      <select class="form-control form-control-lg custom-select survey-modal-field" id="employer" name="i-work-for">
        <option value="" disabled="" selected="">— select —</option>
        <option value="Department of Defense (Civilian)">Department of Defense (Civilian)</option>
        <option value="Department of Defense (Military)">Department of Defense (Military)</option>
        <option value="Federal Government">Federal Government</option>
        <option value="State/Local Government">State/Local Government</option>
        <option value="Government Contractor">Government Contractor</option>
        <option value="Private Sector">Private Sector</option>
        <option value="Retired">Retired</option>
      </select>
      <div class="survey-modal-select-icon-container">
        <div class="survey-modal-select-icon">▼</div>
      </div>
    </div>
    <div class="form-group survey-modal-civilian-branch">
      <label for="civilian-branch" class="survey-modal-label">Agency/Department</label>
      <select class="form-control form-control-lg custom-select survey-modal-field" id="civilian-branch" name="civilian-branch">
        <option value="" disabled="" selected="">— select —</option>
        <option value="Department of the Air Force">Department of the Air Force</option>
        <option value="Department of the Army">Department of the Army</option>
        <option value="Department of the Navy">Department of the Navy</option>
        <option value="Joint Chiefs of Staff">Joint Chiefs of Staff</option>
        <option value="National Intelligence Agency">National Intelligence Agency</option>
        <option value="Office of the Secretary of Defense">Office of the Secretary of Defense</option>
        <option value="Other Defense Agency">Other Defense Agency</option>
      </select>
      <div class="survey-modal-select-icon-container">
        <div class="survey-modal-select-icon">▼</div>
      </div>
    </div>
    <div class="form-group survey-modal-military-branch">
      <label for="military-branch" class="survey-modal-label">Agency/Department</label>
      <select class="form-control form-control-lg custom-select survey-modal-field" id="military-branch" name="military-branch">
        <option value="" disabled="" selected="">— select —</option>
        <option value="Air Force">Air Force</option>
        <option value="Army">Army</option>
        <option value="Coast Guard">Coast Guard</option>
        <option value="Navy">Navy</option>
        <option value="Marines">Marines</option>
      </select>
      <div class="survey-modal-select-icon-container">
        <div class="survey-modal-select-icon">▼</div>
      </div>
    </div>
    <div class="form-group survey-modal-fed-gov-agency-dept">
      <label for="fed-gov-agency-dept" class="survey-modal-label">Agency/Department</label>
      <select class="form-control form-control-lg custom-select survey-modal-field" id="fed-gov-agency-dept" name="fed-gov-agency-dept">
        <option value="" disabled="" selected="">— select —</option>
        <option value="Department of Agriculture" class="fed-gov-agency-dept">Department of Agriculture</option>
        <option value="Department of Commerce" class="fed-gov-agency-dept">Department of Commerce</option>
        <option value="Department of Education" class="fed-gov-agency-dept">Department of Education</option>
        <option value="Department of Energy" class="fed-gov-agency-dept">Department of Energy</option>
        <option value="Department of HHS" class="fed-gov-agency-dept">Department of HHS</option>
        <option value="Department of Homeland Security" class="fed-gov-agency-dept">Department of Homeland Security</option>
        <option value="Department of HUD" class="fed-gov-agency-dept">Department of HUD</option>
        <option value="Department of Interior" class="fed-gov-agency-dept">Department of Interior</option>
        <option value="Department of Justice" class="fed-gov-agency-dept">Department of Justice</option>
        <option value="Department of Labor" class="fed-gov-agency-dept">Department of Labor</option>
        <option value="Department of State" class="fed-gov-agency-dept">Department of State</option>
        <option value="Department of Transportation" class="fed-gov-agency-dept">Department of Transportation</option>
        <option value="Department of Treasury" class="fed-gov-agency-dept">Department of Treasury</option>
        <option value="Department of Veterans Affairs" class="fed-gov-agency-dept">Department of Veterans Affairs</option>
        <option value="EPA" class="fed-gov-agency-dept">EPA</option>
        <option value="Executive Office of the President/Vice President" class="fed-gov-agency-dept">Executive Office of the President/Vice President</option>
        <option value="Federal Bureau of Investigation" class="fed-gov-agency-dept">Federal Bureau of Investigation</option>
        <option value="Federal Communications Commission" class="fed-gov-agency-dept">Federal Communications Commission</option>
        <option value="Federal Trade Commission" class="fed-gov-agency-dept">Federal Trade Commission</option>
        <option value="GSA" class="fed-gov-agency-dept">GSA</option>
        <option value="Judiciary Branch" class="fed-gov-agency-dept">Judiciary Branch</option>
        <option value="Legislative Branch" class="fed-gov-agency-dept">Legislative Branch</option>
        <option value="NASA" class="fed-gov-agency-dept">NASA</option>
        <option value="National Institute of Health" class="fed-gov-agency-dept">National Institute of Health</option>
        <option value="OMB" class="fed-gov-agency-dept">OMB</option>
        <option value="OPM" class="fed-gov-agency-dept">OPM</option>
        <option value="SSA" class="fed-gov-agency-dept">SSA</option>
        <option value="USPS" class="fed-gov-agency-dept">USPS</option>
        <option value="Other Agency" class="fed-gov-agency-dept">Other Agency</option>
      </select>
      <div class="survey-modal-select-icon-container">
        <div class="survey-modal-select-icon">▼</div>
      </div>
    </div>
    <div class="form-group survey-modal-state-local-agency-dept">
      <label for="state-local-agency-dept" class="survey-modal-label">Agency/Department</label>
      <select class="form-control form-control-lg custom-select survey-modal-field" id="state-local-agency-dept" name="state-local-agency-dept">
        <option value="" disabled="" selected="">— select —</option>
        <option value="Government Association" class="state-local-agency-dept">Government Association</option>
        <option value="County" class="state-local-agency-dept">County</option>
        <option value="Municipal" class="state-local-agency-dept">Municipal</option>
        <option value="Special District" class="state-local-agency-dept">Special District</option>
        <option value="State" class="state-local-agency-dept">State</option>
      </select>
      <div class="survey-modal-select-icon-container">
        <div class="survey-modal-select-icon">▼</div>
      </div>
    </div>
    <div class="form-group survey-modal-education">
      <label for="education" class="survey-modal-label">Agency/Department</label>
      <select class="form-control form-control-lg custom-select survey-modal-field" id="education" name="education">
        <option value="" disabled="" selected="">— select —</option>
      </select>
      <div class="survey-modal-select-icon-container">
        <div class="survey-modal-select-icon">▼</div>
      </div>
    </div>
    <div class="form-group survey-modal-organization-function">
      <label for="organization-function" class="survey-modal-label">Organization Function</label>
      <select class="form-control form-control-lg custom-select survey-modal-field" name="organization-function" id="organization-function">
        <option value="" disabled="" selected="">— select —</option>
        <option value="Elected Official/Legislative/Executive Office">Elected Official/Legislative/Executive Office</option>
        <option value="Environment/Energy">Environment/Energy</option>
        <option value="Finance/Budget">Finance/Budget</option>
        <option value="Health &amp; Human Services">Health &amp; Human Services</option>
        <option value="Public Safety/Emergency Services/Law Enforcement">Public Safety/Emergency Services/Law Enforcement</option>
        <option value="Technology">Technology</option>
        <option value="Transportation/Utilities/Infrastructure">Transportation/Utilities/Infrastructure</option>
        <option value="Other">Other</option>
      </select>
      <div class="survey-modal-select-icon-container">
        <div class="survey-modal-select-icon">▼</div>
      </div>
    </div>
    <div class="form-group survey-modal-organization-name">
      <label for="organization_name" class="survey-modal-label">Please Provide Your Org.'s Name</label>
      <input class="form-control form-control-lg survey-modal-field" id="organization_name" name="organization-name" type="text" autocomplete="organization">
    </div>
    <div class="form-group survey-modal-industry">
      <label for="industry" class="survey-modal-label">Industry</label>
      <select class="form-control form-control-lg custom-select survey-modal-field" name="industry" id="industry">
        <option value="" disabled="" selected="">— select —</option>
      </select>
      <div class="survey-modal-select-icon-container">
        <div class="survey-modal-select-icon">▼</div>
      </div>
    </div>
    <div class="form-group survey-modal-job-title">
      <label for="job_title" class="survey-modal-label">Job Title</label>
      <input class="form-control form-control-lg survey-modal-field" id="job_title" name="job-title" type="text" autocomplete="job-title">
    </div>
    <div class="form-group survey-modal-job-function">
      <label for="job-function" class="survey-modal-label">Job Function</label>
      <select class="form-control form-control-lg custom-select survey-modal-field" name="job-function" id="job-function">
        <option value="" disabled="" selected="">— select —</option>
        <option value="Agency Leadership">Agency Leadership</option>
        <option value="Business &amp; Operations">Business &amp; Operations</option>
        <option value="Communications &amp; Marketing">Communications &amp; Marketing</option>
        <option value="Financial/Contract Management">Financial/Contract Management</option>
        <option value="Human Resource Management">Human Resource Management</option>
        <option value="Technology Management">Technology Management</option>
      </select>
      <div class="survey-modal-select-icon-container">
        <div class="survey-modal-select-icon">▼</div>
      </div>
    </div>
    <div class="form-group survey-modal-phone-number">
      <label for="phone-number" class="survey-modal-label">Phone Number</label>
      <input class="form-control form-control-lg survey-modal-field" id="phone-number" name="phone-number" type="tel" autocomplete="tel">
    </div>
    <div class="form-group survey-modal-postal-code">
      <label for="postal_code" class="survey-modal-label">Zip code</label>
      <input class="form-control form-control-lg survey-modal-field" id="postal_code" name="postal_code" type="text" autocomplete="postal-code">
    </div>
    <div class="form-group survey-modal-country">
      <label for="country" class="survey-modal-label">Country</label>
      <select class="form-control form-control-lg custom-select survey-modal-field" id="country" name="country">
        <option value="United States">United States</option>
        <option value="EEA (European Economic Area)">EEA (European Economic Area)</option>
        <option value="Canada">Canada</option>
        <option value="Other">Other</option>
      </select>
      <div class="survey-modal-select-icon-container">
        <div class="survey-modal-select-icon">▼</div>
      </div>
    </div>
    <div class="form-group survey-modal-country-other">
      <label for="country_other" class="survey-modal-label">Country Name</label>
      <input id="country_other" type="text" name="country_other" class="form-control form-control-lg survey-modal-field" autocomplete="country-name">
    </div>
    <div class="form-check">
      <label class="form-check-label subscribe-third-party optin-regular">
        <input class="form-check-input" type="checkbox" name="third_party" checked="">
        <span class="newsletters-partner-text">Yes, I want to receive occasional updates from partners</span>
      </label>
    </div>
    <div class="form-check">
      <label class="form-check-label subscribe-third-party optin-eea">
        <input class="form-check-input" type="checkbox" name="third_party_eea">
        <span class="newsletters-partner-text"> I agree to the use of my personal data by Government Executive Media Group and its partners to serve me targeted ads.
          <a class="survey-modal-learn-more-link" href="https://www.govexec.com/about/privacy-policy/" target="_blank">Learn more</a>. </span>
      </label>
    </div>
    <div class="d-flex flex-row-reverse">
      <input class="survey-modal-submit" type="submit" value="Submit">
    </div>
  </fieldset>
</form>

POST /newsletters/subscribe/conversion-module/nextgov-today/

<form class="conversion-module-signup-form " action="/newsletters/subscribe/conversion-module/nextgov-today/" method="post">
  <fieldset>
    <legend class="conversion-module-signup-form-title">
      <span class="conversion-module-signup-form-title-line1"> Get top federal technology stories and news alerts in your inbox. </span>
      <span class="conversion-module-signup-form-title-line2"> Sign up for Nextgov Today </span>
    </legend>
    <input id="conversion-module-nl-source_signup" name="source_signup" type="hidden" value="ng-mod-conv-dt">
    <input id="conversion-module-nl-run_through_id" name="run_through_id" type="hidden">
    <div class="conversion-module-signup-form-email form-group">
      <label class="conversion-module-signup-form-label control-label" for="conversion-module-nl-email"> My email is ... </label>
      <input autocomplete="email" class="form-control form-control-xl" id="conversion-module-nl-email" name="email" placeholder="email@example.com" required="required" type="text">
    </div>
    <div class="conversion-module-signup-form-employer form-group">
      <label class="conversion-module-signup-form-label control-label" for="conversion-module-nl-employer"> I work for ... </label>
      <select class="form-control form-control-xl" id="conversion-module-nl-employer" name="employer" required="required">
        <option value="" selected="selected">--select--</option>
        <option value="Department of Defense (Civilian)">Department of Defense (Civilian)</option>
        <option value="Department of Defense (Military)">Department of Defense (Military)</option>
        <option value="Federal Government">Federal Government</option>
        <option value="State/Local Government">State/Local Government</option>
        <option value="Government Contractor">Government Contractor</option>
        <option value="Private Sector">Private Sector</option>
        <option value="Retired">Retired</option>
      </select>
    </div>
    <div class="conversion-module-signup-form-optin form-group">
      <div class="checkbox">
        <label class="conversion-module-signup-form-label" for="conversion-module-nl-secondary_optin">
          <input checked="checked" id="conversion-module-nl-secondary_optin" name="secondary_optin" type="checkbox">
          <span class="conversion-module-signup-form-label-text">Also get CIO Briefing, the need-to-know federal technology news for current and aspiring technology executives.</span>
        </label>
      </div>
    </div>
    <div class="conversion-module-signup-form-submit form-group">
      <button class="conversion-module-signup-form-submit-btn btn btn-default" type="submit">
        <span class="conversion-module-signup-form-submit-text">
          <span class="conversion-module-signup-form-submit-arrow"></span> Sign up </span>
      </button>
    </div>
  </fieldset>
  <a class="conversion-module-signup-form-link" href="https://www.govexec.com/about/privacy-policy/" target="_blank">Privacy Policy</a>
</form>

POST /newsletters/subscribe/conversion-module/nextgov-today/thank-you/

<form class="conversion-module-signup-form " action="/newsletters/subscribe/conversion-module/nextgov-today/thank-you/" method="post">
  <fieldset>
    <legend class="conversion-module-signup-form-title">
      <span class="conversion-module-signup-form-title-line1"> Almost There! </span>
      <span class="conversion-module-signup-form-title-line2"> Help us tailor content specifically for you: </span>
    </legend>
    <input id="conversion-module-thank-you-source_signup" name="source_signup" type="hidden" value="ng-mod-conv-dt">
    <input id="conversion-module-thank-you-run_through_id" name="run_through_id" type="hidden">
    <input id="conversion-module-thank-you-email" name="email" type="hidden">
    <div class="conversion-module-signup-form-full_name form-group">
      <label class="conversion-module-signup-form-label control-label" for="conversion-module-thank-you-full_name"> Full Name </label>
      <input autocomplete="name" class="form-control form-control-xl" id="conversion-module-thank-you-full_name" name="full_name" placeholder="" type="text">
    </div>
    <div class="conversion-module-signup-form-agency_department form-group">
      <label class="conversion-module-signup-form-label control-label" for="conversion-module-thank-you-agency_department"> Agency/Department </label>
      <select class="form-control form-control-xl" id="conversion-module-thank-you-agency_department" name="agency_department" placeholder="">
        <option value="" selected="selected">--select--</option>
        <option class="agency-department-civilian-branch" value="Department of the Air Force">Department of the Air Force</option>
        <option class="agency-department-civilian-branch" value="Department of the Army">Department of the Army</option>
        <option class="agency-department-civilian-branch" value="Department of the Navy">Department of the Navy</option>
        <option class="agency-department-civilian-branch" value="Joint Chiefs of Staff">Joint Chiefs of Staff</option>
        <option class="agency-department-civilian-branch" value="National Intelligence Agency">National Intelligence Agency</option>
        <option class="agency-department-civilian-branch" value="Office of the Secretary of Defense">Office of the Secretary of Defense</option>
        <option class="agency-department-civilian-branch" value="Other Defense Agency">Other Defense Agency</option>
        <option class="agency-department-military-branch" value="Air Force">Air Force</option>
        <option class="agency-department-military-branch" value="Army">Army</option>
        <option class="agency-department-military-branch" value="Coast Guard">Coast Guard</option>
        <option class="agency-department-military-branch" value="Navy">Navy</option>
        <option class="agency-department-military-branch" value="Marines">Marines</option>
        <option class="agency-department-federal-government" value="Department of Agriculture">Department of Agriculture</option>
        <option class="agency-department-federal-government" value="Department of Commerce">Department of Commerce</option>
        <option class="agency-department-federal-government" value="Department of Education">Department of Education</option>
        <option class="agency-department-federal-government" value="Department of Energy">Department of Energy</option>
        <option class="agency-department-federal-government" value="Department of HHS">Department of HHS</option>
        <option class="agency-department-federal-government" value="Department of Homeland Security">Department of Homeland Security</option>
        <option class="agency-department-federal-government" value="Department of HUD">Department of HUD</option>
        <option class="agency-department-federal-government" value="Department of Interior">Department of Interior</option>
        <option class="agency-department-federal-government" value="Department of Justice">Department of Justice</option>
        <option class="agency-department-federal-government" value="Department of Labor">Department of Labor</option>
        <option class="agency-department-federal-government" value="Department of State">Department of State</option>
        <option class="agency-department-federal-government" value="Department of Transportation">Department of Transportation</option>
        <option class="agency-department-federal-government" value="Department of Treasury">Department of Treasury</option>
        <option class="agency-department-federal-government" value="Department of Veterans Affairs">Department of Veterans Affairs</option>
        <option class="agency-department-federal-government" value="EPA">EPA</option>
        <option class="agency-department-federal-government" value="Executive Office of the President/Vice President">Executive Office of the President/Vice President</option>
        <option class="agency-department-federal-government" value="Federal Bureau of Investigation">Federal Bureau of Investigation</option>
        <option class="agency-department-federal-government" value="Federal Communications Commission">Federal Communications Commission</option>
        <option class="agency-department-federal-government" value="Federal Trade Commission">Federal Trade Commission</option>
        <option class="agency-department-federal-government" value="GSA">GSA</option>
        <option class="agency-department-federal-government" value="Judiciary Branch">Judiciary Branch</option>
        <option class="agency-department-federal-government" value="Legislative Branch">Legislative Branch</option>
        <option class="agency-department-federal-government" value="NASA">NASA</option>
        <option class="agency-department-federal-government" value="National Institute of Health">National Institute of Health</option>
        <option class="agency-department-federal-government" value="OMB">OMB</option>
        <option class="agency-department-federal-government" value="OPM">OPM</option>
        <option class="agency-department-federal-government" value="SSA">SSA</option>
        <option class="agency-department-federal-government" value="USPS">USPS</option>
        <option class="agency-department-federal-government" value="Other Agency">Other Agency</option>
        <option class="agency-department-state-and-local" value="Government Association">Government Association</option>
        <option class="agency-department-state-and-local" value="County">County</option>
        <option class="agency-department-state-and-local" value="Municipal">Municipal</option>
        <option class="agency-department-state-and-local" value="Special District">Special District</option>
        <option class="agency-department-state-and-local" value="State">State</option>
      </select>
    </div>
    <div class="conversion-module-signup-form-organization_function form-group">
      <label class="conversion-module-signup-form-label control-label" for="conversion-module-thank-you-organization_function"> Organization Function </label>
      <select class="form-control form-control-xl" id="conversion-module-thank-you-organization_function" name="organization_function" placeholder="">
        <option value="" selected="selected">--select--</option>
        <option value="Elected Official/Legislative/Executive Office">Elected Official/Legislative/Executive Office</option>
        <option value="Environment/Energy">Environment/Energy</option>
        <option value="Finance/Budget">Finance/Budget</option>
        <option value="Health &amp; Human Services">Health &amp; Human Services</option>
        <option value="Public Safety/Emergency Services/Law Enforcement">Public Safety/Emergency Services/Law Enforcement</option>
        <option value="Technology">Technology</option>
        <option value="Transportation/Utilities/Infrastructure">Transportation/Utilities/Infrastructure</option>
        <option value="Other">Other</option>
      </select>
    </div>
    <div class="conversion-module-signup-form-organization_name form-group">
      <label class="conversion-module-signup-form-label control-label" for="conversion-module-thank-you-organization_name"> Organization Name </label>
      <input autocomplete="organization" class="form-control form-control-xl" id="conversion-module-thank-you-organization_name" name="organization_name" placeholder="" type="text">
    </div>
    <div class="conversion-module-signup-form-job_function form-group">
      <label class="conversion-module-signup-form-label control-label" for="conversion-module-thank-you-job_function"> Job Function </label>
      <select class="form-control form-control-xl" id="conversion-module-thank-you-job_function" name="job_function" placeholder="">
        <option value="" selected="selected">--select--</option>
        <option value="Agency Leadership">Agency Leadership</option>
        <option value="Business &amp; Operations">Business &amp; Operations</option>
        <option value="Communications &amp; Marketing">Communications &amp; Marketing</option>
        <option value="Financial/Contract Management">Financial/Contract Management</option>
        <option value="Human Resource Management">Human Resource Management</option>
        <option value="Technology Management">Technology Management</option>
      </select>
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FEDERAL RESERVE ISSUES NEW RESTRICTIONS ON CRYPTO BANKING



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By Alexandra Kelley,
Staff Correspondent
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By Alexandra Kelley

| February 7, 2023


THE REGULATOR ISSUED NEW POLICY LARGELY PROHIBITING DIGITAL ASSETS FROM THE
REGULATED BANKING ENVIRONMENT, PRIMARILY DUE TO SECURITY CONCERNS.

 * Cryptocurrency
 * Regulations

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The Federal Reserve Board warned member banks that it intends to presumptively
prohibit a large portion of cryptocurrency banking activity, as the demand for
more guidance over digital assets has grown following rampant instances of
fraud. 

Outlined in a final rule published on Tuesday, the Board of Governors of the
Federal Reserve System offered an interpretation of section 9(13) of the Federal
Reserve Act to govern the use of digital assets within the federal banking
ecosystem. That section specifically applies rules set by the Federal Reserve
for member banks, dictating the banking activity state depository institutions
are legally able to conduct as only that which is also permissible for national
banks. 

Federal Reserve member banks consist of financial institutions at the state
level that meet the operational requirements of the Federal Reserve System, and
are overseen by the 12 designated regional banks across the U.S.  

The rule issues two directives pursuant to the Federal Reserve’s existing laws:
that the Board will “presumptively prohibit” member banks from holding most
crypto assets, and that member banks wishing to utilize dollar tokens will need
to prove certain security measures and receive formal approval prior to its use
in banking transactions.

Both rules cite the “significant risks” associated with the cryptocurrency
sector, including fraud, legal ambiguity and volatility. 

“With respect to any novel and unprecedented activities, such as those
associated with crypto-assets or use of distributed ledger technology, it is
particularly important for a state member bank to have in place appropriate
systems to monitor and control risks,” the rule reads, noting the ways in which
most digital assets inherently prevent banks from ensuring such security. 

“The Board believes this presumption is bolstered by safety and soundness
concerns,” the Board notes. “The Financial Stability Oversight Council has
observed that, in the absence of a fundamental economic use case, the value of
most crypto-assets is driven largely by sentiment and future expectations, and
not by cash flows from providing goods or services outside the crypto-asset
ecosystem.”

The final rule continued that the volatility in most decentralized digital
assets prevents financial firms from taking the necessary risk-management
procedures associated with other forms of capital. Additionally, the inherent
anonymity in cryptocurrency user transactions also poses security risks,
particularly along distributed ledger technologies like blockchain.

Despite largely concurring that employing digital assets in the U.S. banking
system poses security threats, the Board offered some avenues for potential
incorporation. 

The final rule notes that issuing dollar tokens along decentralized ledgers was
also likely unsafe. However, member banks are eligible to receive a “supervisory
nonobjection” from the Board provided they can demonstrate the ability to
conduct safe banking with dollar tokens.

Commonly referred to as stablecoins, dollar denominated tokens differ from
traditional cryptocurrencies in that they are pegged to the U.S. dollar, thereby
presenting a lower risk in price volatility. Deploying dollar tokens along a
distributed ledger software still poses a significant amount of cybersecurity
and operation risks, according to the Board, namely among illicit finance
activity.

“The Board generally believes that issuing tokens on open, public and/or
decentralized networks or similar systems is highly likely to be inconsistent
with safe and sound banking practices,” it said. 

This decision opens a new chapter in the regulatory battle regarding the digital
asset and crypto industry. President Joe Biden recently issued an executive
order that spurred more research into cryptocurrencies’ effect on the broader
economy, and money laundering via digital assets amid the ongoing Russia-Ukraine
war has spotlit the security risks within the emerging technology.  

The Board’s final rule regarding state bank operations with digital assets
diminishes hopes of incorporating cryptocurrencies into the regulated economy,
and is consistent with other recent actions of the Federal Reserve. In late
January, the agency rejected digital asset transaction firm Custodia Bank for
membership as a subsidiary bank. 

“Custodia actively sought federal regulation, going above and beyond all
requirements that apply to traditional banks,” the bank said in a statement.
“The Board’s denial is unfortunate but consistent with the concerns that
Custodia has raised about the Federal Reserve’s handling of its applications, an
issue we will continue to litigate.”

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