The U.S. authorities need to be more specific about the “rules of the game” for digital assets due to confusion about permitted activities. This was stated CFO BNY Mellon Emily Portney, writing Reuters.
“It is not clear who actually regulates cryptocurrency […]what exactly you can or cannot do. Most of the activity is carried out in what I would call the shadow banking system.”she explained.
In May 2021, an “interdepartmental sprint” started with the participation of Fed, FDIC and OCCwhich will continue into 2022. The result of these efforts will be the definition of the areas of responsibility of each regulator and the building of a mechanism for cooperation.
The OSS promised to provide additional recommendations in 2022 regarding the integration of cryptocurrencies into the product lines of banks.
Recall that in February 2021, Bank of New York Mellon announced the launch of storage services for bitcoin and other cryptocurrencies. In July, the bank joined the Pure Digital banking crypto platform.