The Clearing House Association signed on to a letter from the Bank Policy Institute, the American Bankers Association and other banking trade associations to David Sacks, the Chair of the President’s Working Group on Digital Asset Markets.  The letter commended the federal banking agencies (the FDIC, Federal Reserve Board, and OCC) for withdrawing earlier guidance that had limited banks’ ability to meaningfully engaged in digital-asset related activity.   It further noted additional actions the banking agencies should take to advance banks’ ability to engage in digital asset activities, which will in turn elevate the United States’ leadership role in the global digital asset market.

Among other things, the letter called for the federal banking agencies to issue joint rules and guidance to promote clarity and consistency for banks engaging in digital asset activities,  to adopt a technology-neutral approach to such guidance, and to clarify the risk management expectations for banks that engage in digital-asset activities.

A copy of the letter may be found here.