• US banks will be armed with greater regulatory clarity on how they can engage with Bitcoin and cryptocurrency.
• The Fed, FDIC, and OCC plan to publish guidelines for financial institutions seeking to offer services in the asset class.
• The team of regulators has analyzed custody, bitcoin collateralized loans, payments, buying and selling, and holding BTC on banks’ balance sheets.

A team of U.S. agencies plans to clarify how banking institutions could engage with bitcoin and cryptocurrency in the next year, according to a joint statement published on November 23.

The Board of Governors of the Federal Reserve (Fed), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) said they recognize the potential opportunities Bitcoin could provide to banks, their customers, and the financial system. However, they aim to provide clarity to promote “customer protection” and “compliance with applicable laws and regulations.”