Cleary Gottlieb Discusses Federal Banking Agencies’ Crypto Initiative

On November 23, 2021, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency issued a joint statement on an inter-agency initiative to address bank and bank holding company participation in crypto-asset-related businesses.  The Agencies’ label for the initiative (“crypto sprint”) is undoubtedly more of a relative term, as both banks and non-bank fintechs have clamored for guidance for some time, and the Agencies’ publication last week amounts to a plan to issue more guidance in the future.  Nevertheless, the statement provides a useful overview of the … Read more