U.S. regulators remind banks offering crypto custody to adhere to existing laws and enhance risk management practices, emphasizing compliance and security.
On July 15, 2025, U.S. regulators including the Federal Reserve, FDIC, and OCC issued a joint statement reminding banks offering crypto custody services to follow existing laws and enhance risk management practices. The agencies clarified that banks can provide custody in fiduciary and non-fiduciary forms, emphasizing the need for robust protections against cyber threats and mismanagement of private keys. This guidance reinforces previous regulatory frameworks without introducing new expectations, amid a broader push for crypto legislation in Congress.