What can US banks do when it comes to, for example, making it easier for customers to obtain crypto or issue their own stack coins – cryptocurrencies whose value is linked to, for example, the US dollar? Can they use cryptocurrency as collateral for loans?
These are questions that will receive clearer answers in 2022, writes the US Federal Reserve and two other agencies, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency, in a joint letter.
The aim of the rules is to protect consumers and to ensure that banks act responsibly, the three authorities write.
The focus is on developing a vocabulary for the use of cryptocurrencies at banks, identifying risks linked to, among other things, consumer protection and compliance and analyzing how the existing rules can be clarified.
The authorities intend to also monitor the development of cryptocurrencies going forward and deal with other issues as the market develops.