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Fed teases master accounts for crypto banks: Law Decoded, Aug. 15-22

Published 08/22/2022, 04:00 PM
Updated 08/22/2022, 05:40 PM
Fed teases master accounts for crypto banks: Law Decoded, Aug. 15-22

Last week, the United States Federal Reserve Board turned its eye to banks and crypto, making (or promising to make) several clarifications, one of them pretty long-awaited. It announced that the final version of guidelines for reserve banks to access Reserve Bank master accounts and services is ready.

For crypto, these guidelines hold a prospect of “the most stringent review,” to which non-federally insured institutions that do not have a holding company subject to Fed oversight would be exposed. It is still unclear whether the crypto banks will finally get access to master accounts under the new guidelines and how long they shall wait for it.

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