Another triumph for equal regulation as the Fed brings rules for state banks into line with national banks.
Jan. 27 that it was issuing a policy statement on limitations on banks. The policy seeks to create a level playing field and limit regulatory arbitrage for state banks with deposit insurance, state banks without deposit insurance and national banks, which are overseen by the Office of the Comptroller of the Currency , by allowing them the same scope of permissible activities.
The new policy will limit the activities of state banks by not allowing them to engage in activities not permitted by national banks unless state legislation allows it. In the Federal Register“The Board has not identified any authority permitting national banks to hold most crypto-assets [...] As principal in any amount, and there is no federal statute or rule expressly permitting state banks to hold crypto-assets as principal.
The notice also said that state banks have proposed issuing “dollar tokens” — that is, stablecoins — and those banks now“The Board generally believes that issuing tokens on open, public, and/or decentralized networks, or similar systems is highly likely to be inconsistent with safe and sound banking practices.”of Wyoming’s Custodia Bank for Federal Reserve System membership.
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