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Bank Regulators Released a 'Road Map' for Crypto Regulation That Is Short on Details

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A Bitcoin mining facility in Rockdale, TX.

The Office of the Comptroller of the Currency Tuesday released an interpretive letter explaining how banks should proceed when seeking to start offering their customers cryptocurrency services, but it did not break new ground.

Credit: Mark Felix/Agence France-Presse/Getty Images

After months of behind-the-scenes discussions and public assurances that clarity was on the way, federal bank regulators unveiled a "road map" on Tuesday for overseeing cryptocurrencies and other digital assets in ways that would finally let banks hold, trade and lend against them.

The two-page document had one major problem: It contained no details about how to do any of that.

The statement — a product of the Federal Reserve, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation — identified broad areas where regulators had agreed they needed to make new rules, but it said little else.

From The New York Times
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