Federal Reserve Board Governor Michelle W. Bowman reviewed the FRB's response to emerging financial technologies in the banking industry.
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Senate Banking Committee Ranking Member Pat J. Toomey (R-PA) criticized the FDIC for "improperly taking action to deter banks from doing business with lawful cryptocurrency-related companies."
The Federal Reserve Board outlined steps supervised banks should take to ensure their cryptocurrency-related activities are conducted in a safe and sound manner.
U.S. Senators Elizabeth Warren (D-MA), Richard J. Durbin (D-IL), Sheldon Whitehouse (D-RI), and Bernard Sanders (I-VT) requested that Acting OCC Comptroller Michael J. Hsu rescind the OCC's interpretive letters that permit banks to engage in crypto-related activities.
The FDIC and the Federal Reserve Board issued a joint letter to a digital asset custodian stating that the firm has been making "false and misleading" statements that customers who have opened accounts benefit from FDIC insurance.