ABA Statement on Secretary Yellen's Cryptocurrency Remarks

"We strongly support the approach outlined by Secretary Yellen today to bring cryptocurrency firms and products into a regulated framework and agree it is an urgent matter for policymakers. The Secretary’s leadership sets the tone for a coordinated interagency approach that is critical to this effort’s success. Unfortunately, within hours of the Secretary's speech, the FDIC issued guidance that could make it more difficult for highly regulated and supervised banks to engage in crypto markets on behalf of their customers. The FDIC's new 'prior notification' requirement for banks interested in or already engaged in digital assets follows a similar move by the OCC, runs counter to the Administration’s intent to foster responsible innovation, and risks tilting the playing field even more in favor of unregulated crypto firms that are not subject to rigorous oversight and supervision that banks face. We look forward to working with Treasury and the Administration to ensure opaque systemic risk does not build unchecked outside the banking system and to give Americans who choose to access these markets options to do so safely."