Just days prior to the passage of the GENIUS Act on stablecoins by Congress, on July 14th, the Federal Reserve, Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation (collectively, the “Agencies”) issued a joint statement called “Crypto-Asset Safekeeping by Banking Organizations”. Safekeeping refers to any service provided by banks that involves “holding an asset on a customer’s behalf” and safekeeping of crypto-assets means controlling the keys associated with…
By: Cadwalader, Wickersham & Taft LLP
By: Cadwalader, Wickersham & Taft LLP
