The SEC, led by Paul Atkins, announced plans to establish clear rules for cryptocurrencies classified as securities. This includes developing guidelines for the legitimate issuance, custody, and trading of digital assets, as well as allowing registered broker-dealers to trade non-securities such as Bitcoin and Ethereum.
The U.S. Federal Reserve has rescinded previous recommendations requiring prior notification before banks engage in cryptocurrency activities. Banks can now engage in crypto assets within the standard supervisory process.
The FDIC also clarified that banks under its supervision may participate in permitted cryptocurrency activities without prior approval, provided there is proper risk management.
