That agenda includes ensuring that financial institutions remain stable — and consumers protected — as they facilitate buying and selling crypto assets, issue crypto-backed loans and issue the digital tokens known as stablecoins.
The statement is the latest indication that regulators are racing to bring the crypto industry under the existing financial oversight regime before its explosive growth presents a systemic threat.
The road map they laid out for next year resulted from a months-long “crypto sprint” conducted by staffers at the three agencies. Part of their effort involved ironing out a common understanding for all the new vocabulary introduced by the technology.
The key takeaway from the review is that regulators “are approaching crypto activities very carefully and with a high degree of caution,” Michael Hsu, acting head of the Office of the Comptroller of the Currency, said in speech last week. “We expect banks to do the same.”