According to a release from the authorities, which includes the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corp. (FDIC), the agencies keep taking a prudent and conservative approach relating to existing or prospective crypto-asset-related operations and exposures at each financial institution, given the severe risks illustrated by the recent collapses of multiple prominent crypto-asset organizations.
The authorities claimed that it is extremely likely that issuing digital tokens or keeping them on their balance sheets would be against safe and sound banking procedures. The three authorities claimed that company models focused on cryptocurrency asset-related operations have safety and health issues.
The American banking watchdogs have steadfastly resisted cryptocurrencies gaining a major foothold in the established financial system. The OCC briefly granted temporary licenses to cryptocurrency trust banks and has permitted limited custody activities among lenders. However, according to the agency's current standards, lenders must seek advance clearance before engaging in any new transaction involving this industry.
In the Financial Stability Oversight Council's financial statement that highlights threats to the financial system, the leaders of the three agencies last month concurred to add cryptocurrency as a risk area.