American banking regulators may soon offer more insight into the legality of cryptocurrency deals.
“Bloomberg reports the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) have shared a roadmap of their crypto priorities for 2022, and they’re primarily focused on “greater clarity” around the legal status of transactions”.
US agencies started studying how they can get bank capital and liquidity standards to US bank organizations.
The outline follows a wave of crypto policy “sprints” that helped decide the regulatory priorities for the year ahead.
The Reserve, FDIC, and OCC aimed for common ground that included pinpointing risks and restricting the use of existing rules.
This roadmap might not lead to a concrete strategy. There’s also no guarantee this will work in crypto holders’ favor. US regulatory bodies have historically erred on the side of caution, and it won’t be shocking if cryptocurrency users have to scale back or even stop certain activities to stay on the right side of the law.