These actions by regulators – including the Federal Reserve Board, the Federal Deposit Corp. And the office of the currency controller – came in response to the previous recommendations of the industry. Now business groups are calling for other efforts to facilitate banking activities.
“The advice we have highlighted in our previous letter have stifled the capacity of banks to engage in digital asset activities.
“But additional steps are necessary for the United States to reach a leadership position in digital assets and financial technology-namely greater clarity concerning the capacity of banking organizations to engage in digital active activities,” he added.
In particular, they call on regulators to coordinate their rules and advice in this area as much as possible. “This will encourage innovation throughout the banking sector, regardless of the agency, the agency is the main federal regulator of a bank,” he said.
They also asked agencies to confirm that everything authorized with traditional assets is also authorized for digital assets.
“A tokenized asset is no different from the traditional form of this asset; consequently, the regulatory framework should be neutral of technology,” they said.
Finally, they called on regulators to set standard risk management expectations for areas such as anti -whithening risks, capital and liquidity risks – allowing companies to comply with basic standards rather than requesting authorization for cryptography activities specific to a case -by -case basis.
These additional actions to clarify the capacity of banks to engage in cryptographic activities are necessary “for the United States to obtain a leadership position in digital assets and financial technology,” they said.
“Banks are an essential element of financial and payment systems and are governed by a full regulatory framework designed to mitigate the risks inherent in financial activities. It is therefore essential that federal banking agencies take other measures to facilitate the commitment of banks in digital asset activities, ”says the letter.
