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Cryptoassets Digital Currency Banks

Orrick, Herrington & Sutcliffe LLP

OCC interpretive letter permits cryptocurrency activities for banks

On March 7, the OCC issued its Interpretive Letter 1183, affirming that national banks and federal savings associations can engage in various cryptocurrency activities, including crypto-asset custody, certain stablecoin...more

Poyner Spruill LLP

The Federal Reserve’s Rejection of SPDI Custodia Bank’s Applications

Poyner Spruill LLP on

On January 27, 2023, the Federal Reserve rejected Custodia’s August 2021 application to be a Federal Reserve member bank. On the same day, the Kansas City Federal Reserve denied Custodia’s October 2020 application for a...more

A&O Shearman

Fed Imposes New Roadblock on Banks’ Crypto Activities

A&O Shearman on

Today, the Fed announced a new procedural requirement for banks seeking to engage in crypto activities. Going forward, a bank must provide formal notice to its lead supervisory contact at the Fed “prior to engaging in any...more

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