US trading groups are looking for less cryptic limits

These actions of the regulator – including the Federal Reserve Reserve Board, Federal Corp. Deposit Corp. And the Company Office of COMPOLLER CURRENCY – came in response to previous industrial recommendations. Now, trading groups call further efforts to facilitate bank activities.

“The guidelines we pointed out in our previous letter of the Stysen of the Banking Ability to deal with the activities of digital funds. … Agencies have been usefully abolished or withdrawn more problematic interpretive letters, statements and other military documents in the last few weeks,” they said in the letter.

“But additional steps are needed to achieve a leading position in digital assets and financial technology – namely, greater clarity of bank organizations to deal with digital assets”, added.

In particular, regulators are invited to coordinate their rules and guidelines in this area as much as possible. “It will encourage innovation throughout the banking sector, regardless of which the Bank’s basic federal regulator is the Bank,” he said.

They also asked for agencies to confirm that anything is allowed to be allowed for digital assets also permitted.

“The tokenized agent is not different from the traditional form of this means; therefore the regulatory framework should be neutral technology,” they said.

Finally, they called on the regulators to set up standard risk management for areas such as money laundering, capital and liquidity risk – allowing companies to adhere to basic standards, and not seek permission for certain cryptos.

These additional actions for clarifying banks’ ability to engage in the crypts are needed “that the United States achieves the position of leadership in digital property and financial technology,” they said.

“Banks are the essential component of the financial and payments system and manage a comprehensive regulatory framework that has mitigated the risks of financial activities. Therefore, the Federal Banking Agencies are taking additional steps to facilitate banking in bank activities.