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Forum Welcomes Repeal of OCC Guidance on Crypto
Action “contributes to a regulatory environment that empowers U.S. banks to innovate and collaborate with emerging technologies”
Washington, D.C. – Financial Services Forum President and CEO Kevin Fromer issued the following statement today in response to the removal of guidance by the Office of the Comptroller of the Currency (OCC) on crypto-related bank activities:
“Rescinding this guidance contributes to a regulatory environment that empowers U.S. banks to innovate and collaborate with emerging technologies, ensuring they meet customer needs safely and soundly.
“The previous guidance required explicit supervisory approval for banks to engage in crypto-related activities—stymieing their ability to participate in the digital asset ecosystem. The Forum calls on the Federal Reserve and Federal Deposit Insurance Corporation to rescind their respective guidance to ensure highly regulated financial institutions can safely meet customer needs.”
The Financial Services Forum is an economic policy and advocacy organization whose members are the eight largest and most diversified financial institutions headquartered in the United States. Forum member institutions are a leading source of lending and investment in the United States and serve millions of consumers, businesses, investors, and communities throughout the country. The Forum promotes policies that support savings and investment, financial inclusion, deep and liquid capital markets, a competitive global marketplace, and a sound financial system.
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