US Regulators Will Prepare Crypto Regulation Rules In 2022
The US Federal Reserve, the Federal Deposit Insurance Corporation (FDIC) and the Office of the Foreign Exchange Controller (OCC) under the US Treasury Department agreed to continue their work in 2022 on a number of areas related to digital asset regulation that require further clarification.
As a result, regulators will define the boundaries of their powers and responsibilities, as well as procedures for cooperation. In addition, the result of these efforts will be to define the areas of responsibility of each regulator and build a cooperation mechanism.
So far, agencies have developed and agreed on a set of terms, identified key risks, and analyzed how existing rules and guidelines can be applied.
However, soon the group intends to issue clarifications for banks regarding legally permissible activities related to cryptocurrencies.
Also, the guidelines intend to paint a number of rules regarding security and reliability, consumer protection in accordance with current laws and regulations in relation to the storage of cryptocurrencies, buying and selling digital assets, lending, issuing and distributing stablecoins and other aspects.
We recall that on November 15, President Joe Biden signed the controversial US Infrastructure Act, which introduces additional taxation of the cryptocurrency sphere in the country, especially on crypto network validators and software developers.