US banking regulators, including the Federal Reserve, the FDIC, and the OCC, have jointly issued a statement aimed at clarifying expectations for institutions managing digital assets.

Existing Guidance

This announcement underscores that the provided guidance is in line with current regulations and does not introduce new policy directives.

The seven-page document focuses on critical operational requirements for banks offering crypto custody services. It emphasizes the importance of secure management of cryptographic keys, consistent with legal and regulatory obligations. Other key areas addressed include anti-money laundering compliance, audit readiness, risk management, and technical expertise.

Regulatory Tone Shift

This latest communication comes in response to a shifting regulatory landscape in Washington. Previously, US regulators had discouraged financial institutions from engaging with cryptocurrency businesses. However, recent statements have moved towards providing clarity rather than imposing restrictions.

The Federal Reserve officials noted that the guidance is intended to clarify how existing supervisory frameworks apply to crypto custody activities and should not be interpreted as new rules or heightened expectations.

Crypto Week in Congress

Additionally, this statement aligns with ‘Crypto Week’ in the US House of Representatives, where lawmakers are deliberating various pieces of legislation aimed at shaping a regulatory framework for digital assets.

Stablecoins and the GENIUS Act

In June 2025, the US Senate approved the GENIUS Act, a bill designed to create a federal regulatory structure for stablecoins. The measure was supported by eighteen Democrats and opposed by two Republicans. After approval in the Senate, the bill moved on to the House of Representatives for further consideration.

A key aspect of the GENIUS Act is its establishment of a federal regulatory framework for stablecoins, which have seen significant growth in recent years but have largely remained unregulated. Despite bipartisan agreement that oversight is necessary, political disagreements continue to hamper legislative progress.