Until clear statutory and regulatory parameters exist to govern these types of assets and the exchanges on which they are traded, I think some of the uncertainties about how the banking system can engage in crypto activities will remain unsettled. While there is more to do, there have been some helpful initial steps to provide clarity on regulatory expectations.
First, the Board published guidance clarifying that all state member banks should notify their lead supervisory point of contact prior to engaging in crypto-assetrelated activities.