US banking regulators have issued a joint statement outlining expectations for institutions engaged in the safekeeping of digital assets.
The announcement, made by the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC), emphasised that the guidance reflects existing regulations rather than introducing new policy directives.
The seven-page document addresses key operational requirements for banks handling crypto custody services, particularly the importance of controlling cryptographic keys in a way that aligns with current legal and regulatory obligations. It also covers areas such as anti-money laundering compliance, audit readiness, risk management, and technical competency.
Regulators clarify stance in the context of shifting policy environment
The latest communication comes against the backdrop of a changing regulatory tone in Washington. Under previous leadership, US banking regulators had issued guidance that discouraged financial institutions from engaging with cryptocurrency businesses. That position has since softened, with recent statements from the agencies aiming to provide clarity rather than restrict involvement.
Officials from the three agencies stated that the guidance is meant to reinforce how existing supervisory frameworks apply to crypto custody activity and should not be seen as the introduction of new rules or expectations.
The timing of the statement coincides with ‘Crypto Week’ in the US House of Representatives, during which lawmakers are considering several pieces of legislation aimed at building a more defined regulatory structure for digital assets.
Stablecoins and the GENIUS Act
In June 2025, the US Senate approved the GENIUS Act stablecoin bill. Specifically, eighteen Democrats voted in favour, while two Republicans opposed the measure. The bill then proceeded to the House of Representatives for further consideration.
A key provision of the GENIUS Act establishes a federal regulatory framework for stablecoins, an area of the cryptocurrency sector that has grown rapidly in recent years but remained largely unregulated. While there is broad consensus in Congress that oversight is needed, political disagreements have slowed progress.
