Before engaging in crypto-related activity, banking organizations supervised by the Federal Reserve should notify their lead point of contact at the central bank to ensure the activity is legal, the Fed said in a statement Tuesday.
The directive is similar in tone and content to a statement the Federal Deposit Insurance Corp. (FDIC) issued in April to the financial institutions it oversees. The two regulators even use the same adverb — “promptly” — to describe how soon they would like to hear from banks that have already begun engaging in crypto activities but may not have alerted the agency.