US financial institutions will get "greater clarity" on whether certain crypto-related activities conducted by banking organizations are legally permissible next year. According to a report, federal bank regulatory agencies will also clarify expectations for "safety and soundness, consumer protection, and compliance with existing law and regulations."
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"The emerging crypto-asset sector presents potential opportunities and risks to banking organizations, their customers, and the overall financial system," the report says.
However, it remains unclear when exactly the regulators plan to clarify the cryptocurrency-related policy. The move comes after the Federal Deposit Insurance Corporation (FDIC) announced it is collaborating with a team of US bank regulators to provide a "roadmap for banks" that want to engage with cryptocurrencies. Jelena McWilliams, FDIC Chairman, hinted the new recommendations might give financial institutions clearer rules over holding cryptocurrencies in custody or using them as collateral for loans.
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