Today, the Federal Deposit Insurance Corporation, in conjunction with the Board of Governors of the Federal Reserve System, has announced the withdrawal of two joint statements concerning crypto-asset-related activities by banking organizations. The decision aims to clarify the permissible crypto-asset activities for banking organizations, allowing them to offer products and services to individuals and firms involved in crypto-asset activities. This is to be consistent with safety, soundness, and applicable laws and regulations.

The withdrawn statements, originally released on January 3, 2023, and February 23, 2023, dealt with risks associated with crypto-assets and the potential liquidity risks for banking institutions stemming from vulnerabilities in the crypto-asset market.

The agencies, in collaboration with the Office of the Comptroller of the Currency, are considering providing further clarification on this matter to banking organizations in the upcoming weeks and months.