The US authorities need to be more specific about the “rules of the game” for digital assets due to confusion about permitted activities, Reuters has reported the BNY Mellon CFO Emily Portney. She has explained:
“It’s not clear who actually regulates crypto […] what exactly you can or can’t do. Most of the activity is carried out in what I would call the shadow banking system.”
In May 2021, an “interagency sprint” involving the Fed, FDIC and OCC started and will continue into 2022. The result of these efforts will be the definition of the areas of responsibility of each regulator and the building of a mechanism for cooperation.
The OCC promised to provide additional recommendations this year in relation to the integration of cryptos into the product lines of banks.
The Bank of New York Mellon announced in February 2021 the launch of storage services for Bitcoin and other cryptos. In July, the bank joined the Pure Digital banking crypto platform.