The Federal Reserve, alongside other US banking agencies, issued a joint statement on 14 July 2025 setting out risk-management considerations for banks that hold crypto-assets in custody on behalf of clients.
The statement reminded banks that provide, or are considering providing, crypto-asset safekeeping that they must do so in a safe and sound manner and in compliance with applicable laws, and stated that it does not create any new supervisory expectations.
CUSTODY AND THE AGENCIES INVOLVED
Crypto-asset safekeeping refers to the holding of private keys and the maintenance of custody records on behalf of institutional and retail clients. It is distinct from trading or issuing digital assets, which carry different regulatory implications.
The statement was issued by the Federal Reserve alongside the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation.
RISK MANAGEMENT
Banks are expected to demonstrate that their risk management infrastructure is adequate for the specific characteristics of crypto assets, which include technology risk, key management risk, and the potential for rapid price movements in assets held in custody. The statement does not itself authorise any activity; banks remain responsible for meeting existing requirements.
The Federal Reserve published the joint statement on its website on 14 July 2025.