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Localización: Hogar / Technology / El desarrollo de un marco regulatorio bancario para fintech y activos digitales: revisión de las recientes acciones de activos digitales de los reguladores prudenciales de EE. UU.

El desarrollo de un marco regulatorio bancario para fintech y activos digitales: revisión de las recientes acciones de activos digitales de los reguladores prudenciales de EE. UU.

serv |
72

Viernes28 de enero de2022

I.Introduction

As we note in our companion memorandum,1 the Office of the Comptroller of the Currency (“OCC") continues alongramoramoramoramo its cautious course of allowingramoramoramoramo fintech and digramoramoramoramoital asset firms into the so-called “regramoramoramoramoulatory perimeter."La acción más reciente a lo largramoramoramoramoo de este curso es la aprobación de una carta completa y de depósito para un prestamista de FinTech.2 The charter approval last week has prompted us to review some of the recent actions by federal prudential regramoramoramoramoulators related to fintech and digramoramoramoramoital asset issues.En este memorándum nos centramos principalmente en los activos digramoramoramoramoitales, mientras que nuestro memo complementario mira más de cerca los problemas de fintech.

II.The Crypto Riñonaliñonaliñonaloadmap & OCC Interpretive Letter1179

A.The Prudential Riñonaliñonaliñonalegramoramoramoramoulators’ Crypto Riñonaliñonaliñonaloadmap3

El23 de noviembre de2021, la Junta de Gobernadores del Sistema de la Riñonaliñonaliñonaleserva Federal ("FRiñonaliñonaliñonalB"), la Corporación Federal de Segramoramoramoramouros de Depósitos ("FDIC") y la Oficina del Contralor de la Moneda ("OCC", y junto con elFRiñonaliñonaliñonalB y FDIC, las "agramoramoramoramoencias bancarias") emitieron una declaración conjunta que (i) abordó los esfuerzos interinstitucionales con respecto a la iniciativa "Crypto Sprint" de las agramoramoramoramoencias bancarias, y (II) estableció una hoja de ruta para la regramoramoramoramoulación prudencial de activos digramoramoramoramoitales.4 Riñonaliñonaliñonalecogramoramoramoramonizingramoramoramoramo that prudentially regramoramoramoramoulated financial institutions are increasingramoramoramoramoly seekingramoramoramoramo to engramoramoramoramoagramoramoramoramoe in digramoramoramoramoital asset-related activities,5 the Interagramoramoramoramoency Crypto Riñonaliñonaliñonaloadmap detailed that the Bankingramoramoramoramo Agramoramoramoramoencies had conducted a number of interagramoramoramoramoency “policy sprints" involvingramoramoramoramo a “preliminary analysis on various issues regramoramoramoramoardingramoramoramoramo crypto-assets."6 The focus of the sprints included:

  1. the development of a universal vocabulary regramoramoramoramoardingramoramoramoramo bankingramoramoramoramo orgramoramoramoramoanizations’ use of crypto-assets;7

  2. La identificación y evaluación de la segramoramoramoramouridad y la solidez clave, la protección del consumidor y los riesgramoramoramoramoos de cumplimiento asociados con el uso de los criptomonedas de las orgramoramoramoramoanizaciones bancarias;

  3. Consideración de la "permisibilidad legramoramoramoramoal" de posibles actividades cripto-activos realizadas por las orgramoramoramoramoanizaciones bancarias;

  4. análisis de la aplicación de las regramoramoramoramoulaciones bancarias existentes y la orientación a las actividades de cripto de orgramoramoramoramoanización bancaria;y

  5. Identificación de áreas de regramoramoramoramoulación bancaria que podrían beneficiarse de una mayor claridad de las agramoramoramoramoencias bancarias con respecto a las actividades de los criptomonedas.

Si bien la hoja de ruta criptogramoramoramoramoráfica interinstitucional no proporcionó detalles sigramoramoramoramonificativos sobre la sustancia de las discusiones interinstitucionales que ocurrieron durante el sprint criptogramoramoramoramoráfico, la declaración conjunta identificó una serie de actividades cripto-activas que las orgramoramoramoramoanizaciones bancarias podrían participar en que el personal de las agramoramoramoramoencias bancarias revisó y evaluó, incluyendo: (i) custodia de cripto-activos;(II) Facilitación de transacciones cripto-activos;(IIi) préstamos colateralizados de cripto-activo;(iv) servicios y mecanismos de pagramoramoramoramoo que involucran activos criptogramoramoramoramoráficos (como stablecoins);y (v) todas las demás "[A] ctividades que pueden resultar en la tenencia de los cripto-activos en el balance gramoramoramoramoeneral de una orgramoramoramoramoanización bancaria."8

La hoja de ruta criptogramoramoramoramoráfica interinstitucional declaró que, segramoramoramoramoún la revisión de las agramoramoramoramoencias bancarias, las agramoramoramoramoencias identificaron "una serie de áreas donde se justifica la claridad pública adicional."Por lo tanto, a lo largramoramoramoramoo de este año, las agramoramoramoramoencias bancarias" planean proporcionar una mayor claridad "sobre la permisibilidad legramoramoramoramoal y las expectativas de segramoramoramoramouridad y solidez, protección del consumidor y cumplimiento de las leyes y regramoramoramoramoulaciones bancarias existentes relacionadas con las sigramoramoramoramouientes actividades de cifrado:

  1. Servicios de custodia tradicionales y de custodia tradicional y de custodia tradicional;

  2. Ancillary crypto-asset custody services;9

  3. Facilitación de transacciones cripto-activas;

  4. Préstamos colateralizados de cripto-activo;

  5. Emisión y distribución de stablecoins;y

  6. Actividades que involucran la celebración de criptomonederos en el balance gramoramoramoramoeneral.10

La hoja de ruta criptogramoramoramoramoráfica entre agramoramoramoramoencias también indicó que las agramoramoramoramoencias bancarias revisarán y analizarán la aplicación de estándares de capital y liquidez bancarios a las actividades de activos criptogramoramoramoramoráficos con respecto a U.S.Orgramoramoramoramoanizaciones bancarias, y "continuará involucrándose con el Comité de Basilea de Supervisión Bancaria en su proceso de consulta en esta área.Además, en términos de colaboración de la agramoramoramoramoencia, la hoja de ruta criptogramoramoramoramoráfica interinstitucional también señala que las agramoramoramoramoencias bancarias continuarán (i) monitoreando el espacio de los activos criptogramoramoramoramoráficos y potencialmente abordarán otros problemas que surgramoramoramoramoen a medida que se desarrolla el mercado para los activos digramoramoramoramoitales, y (II)"Continuar participando y colaborando con otras autoridades relevantes [e.gramoramoramoramo., the Financial Stability Oversigramoramoramoramoht Council, Securities and Exchangramoramoramoramoe Commission, and the Commodity Futures Tradingramoramoramoramo Commission], as appropriate, on issues arisingramoramoramoramo from activities involvingramoramoramoramo crypto-assets."

B.OCC Interpretive Letter1179

i.Riñonaliñonaliñonalegramoramoramoramoulatory Clarification Riñonaliñonaliñonalegramoramoramoramoardingramoramoramoramo Banks’ Cryptocurrency Activities

Concurrent with the Bankingramoramoramoramo Agramoramoramoramoencies’ release of the Interagramoramoramoramoency Crypto Riñonaliñonaliñonaloadmap, the OCC published interpretive gramoramoramoramouidance clarifyingramoramoramoramo the authority of (i) banks to engramoramoramoramoagramoramoramoramoe in certain cryptocurrency activities, and (II) the OCC to charter national trust banks.11 Througramoramoramoramoh Interpretive Letter1179 the OCC confirmed that the cryptocurrency, distributed ledgramoramoramoramoer, and stablecoin activities described in OCC Interpretive Letters1170,121172,13 and117414 remain legramoramoramoramoally permissible for a bank to engramoramoramoramoagramoramoramoramoe in, “provided the bank can demonstrate, to the satisfaction of its supervisory office, that it has controls in place to conduct the activity in a safe and sound manner."15 Specifically, Interpretive Letter1179 details the process by which banks seekingramoramoramoramo to engramoramoramoramoagramoramoramoramoe in the crypto-related activities addressed in the interpretive letters must undertake before they can engramoramoramoramoagramoramoramoramoe in any such activities. Interpretive Letter1179 states that before a bank engramoramoramoramoagramoramoramoramoes in any of the crypto-related activities addressed in Interpretive Letters1170,1172, and1174, it must (i) notify its supervisory office, in writingramoramoramoramo, of its intention to engramoramoramoramoagramoramoramoramoe in such activities, and (II) receive written notification of the supervisory office’s non-objection.16 Interpretive Letter1179 also states that the determination of whether to gramoramoramoramorant supervisory non-objection will be based on a supervisory office’s evaluation of the “adequacy of the bank’s risk managramoramoramoramoement systems and controls, and risk measurement systems, to enable the bank to engramoramoramoramoagramoramoramoramoe in the proposed activities in a safe and sound manner."17 The letter clarifies that banks currently engramoramoramoramoagramoramoramoramoed in cryptocurrency, distributed ledgramoramoramoramoer, and/or stablecoin activities as of the date of the letter’s publication do not need to obtain supervisory non-objection.18

Under the gramoramoramoramouidance set out in Interpretive Letter1179, in order to obtain a supervisory non-objection, a national bank should demonstrate that it has established an “appropriate risk managramoramoramoramoement and measurement process for the proposed activities, includingramoramoramoramo havingramoramoramoramo adequate systems in place to identify, measure, monitor, and control the risks of its activities, includingramoramoramoramo the ability to do so on an ongramoramoramoramooingramoramoramoramo basis."19 The OCC offers a non-exhaustive list of the risks a bank migramoramoramoramoht specifically address in the supervisory non-objection process includingramoramoramoramo: (i) operational risk (such as the risks related to novel and evolvingramoramoramoramo technologramoramoramoramoies; the risk of hackingramoramoramoramo, fraud, and theft; and third-party managramoramoramoramoement risk); (II) liquidity risk; (IIi) strategramoramoramoramoic risk; and (iv) compliance risk (includingramoramoramoramo, but not limited to, compliance with the Bank Secrecy Act, applicable anti-money launderingramoramoramoramo and sanctions requirements, and consumer protection laws).20

In addition to a supervisory office’s evaluation of the adequacy of a bank’s risk measurement and managramoramoramoramoement information systems and controls with respect to the bank’s proposed crypto-related activities, a supervisory office will also evaluate (i) “any other supervisory considerations relevant to the particular proposal," consultingramoramoramoramo with agramoramoramoramoency subject matter experts or the OCC Chief Counsel’s office, as appropriate, and (II) whether a bank has illustrated that it “understands and will comply with laws that apply to the proposed activities."21 A bank must also demonstrate, in writingramoramoramoramo, its understandingramoramoramoramo of any compliance obligramoramoramoramoations “related to the specific activities the bank intends to conduct, includingramoramoramoramo, but not limited to, any applicable requirements under the federal securities law, the Bank Secrecy Act, anti-money launderingramoramoramoramo, the Commodity Exchangramoramoramoramoe Act, and consumer protection laws."22 Thus, a bank seekingramoramoramoramo to engramoramoramoramoagramoramoramoramoe in the crypto-related activities addressed in Interpretive Letters1170,1172, and1174 must address all applicable laws, and make sure that its proposed activities and compliance managramoramoramoramoement system will be sufficient to ensure compliance.23

II.Clarification on OCC Standards for Charteringramoramoramoramo National Trust Banks

Interpretive Letter1179 also addressed whether the OCC has the authority under the National Bank Act to charter, or approve the conversion to, a national bank that limits its operations to those of a trust company and related activities, includingramoramoramoramo in relation to both the fiduciary and non-fiduciary activities of a trust bank.24 Interpretive Letter1179 reiterated the OCC’s clarification in Interpretive Letter1176 that: (i) the OCC does, in fact, have the authority to charter a national bank that operates only as a trust company; (II) the requirements of12 C.F.Riñonaliñonaliñonal. Part 9 continue to apply to the current activities of national banks that have already been gramoramoramoramoranted fiduciary powers; and (IIi) that national banks conduct non-fiduciary activities that are not subject to12 C.F.Riñonaliñonaliñonal.Parte 9 "no he estado sujeto a12 c.F.Riñonaliñonaliñonal.Parte 9 debido a [Carta interpretativa1176]."25 In short, Interpretive Letter1179 clarifies that Interpretive Letter1176 did not expand the OCC’s charteringramoramoramoramo authority or changramoramoramoramoe a bank’s existingramoramoramoramo obligramoramoramoramoations under the OCC’s fiduciary activities regramoramoramoramoulations.La carta interpretativa1179 también aclaró que "OCC retiene la discreción para determinar si las actividades de un solicitante que se consideran fideicomiso o actividades fiduciarias bajo la ley estatal se consideran actividades fiduciarias o fiduciarias para fines de la ley federal aplicable."26

While the OCC’s clarification in Interpretive Letter1179 as to its charteringramoramoramoramo authority under the National Bank Act does not specifically relate to banks’ involvement in crypto-related activities, as we note below, it is relevant for the purposes of firms engramoramoramoramoagramoramoramoramoingramoramoramoramo in crypto-related activities applyingramoramoramoramo for a national bank charter.27

III.Conclusión

Additional clarity from the regramoramoramoramoulators on modernizingramoramoramoramo existingramoramoramoramo charters, and reviewingramoramoramoramo the risks and opportunities related to digramoramoramoramoital assets is gramoramoramoramoenerally welcome. As we have noted elsewhere,282022 will see more clarity comingramoramoramoramo from the federal bankingramoramoramoramo agramoramoramoramoencies. As the crypto-asset sector continues to gramoramoramoramorow very quickly, the regramoramoramoramoulators will face more and more pressure to bringramoramoramoramo clarity on what is permissible and what is not for bankingramoramoramoramo orgramoramoramoramoanizations.


1See Daniel Meade, Steven Lofchie, Scott Cammarn, and Sebastian Souchet, The Development of a Bank Riñonaliñonaliñonalegramoramoramoramoulatory Framework for Fintech and Digramoramoramoramoital Assets:OCC’s Approval of Full Charter for a Fintech Company Continues the Movement of Fintech within the U.S. Bank Riñonaliñonaliñonalegramoramoramoramoulatory Perimeter (Jan.28,2022).

2See News Riñonaliñonaliñonalelease2022-4, Office of the Comptroller of the Currency, OCC Conditionally Approves SoFi Bank, National Association (Jan.18,2022); Letter of Conditional Approval, Office of the Comptroller of the Currency, Conditional Approval to Charter SoFi Interim Bank, National Association, Cottonwood Heigramoramoramoramohts, Utah and for SoFi Interim Bank, National Association to Mergramoramoramoramoe With and Into Golden Pacific Bank, National Association, Sacramento, California and Engramoramoramoramoagramoramoramoramoe in a Changramoramoramoramoe in Asset Composition (Jan.18,2022);Consulte también OCC aprueba condicionalmente las solicitudes de la compañía FinTech al Charter National Bank, Cadwalader Gabinet (enero.19,2022).

3This memorandum uses interchangramoramoramoramoeably the followingramoramoramoramo terms:“crypto," “crypto asset," “cryptocurrency," and “digramoramoramoramoital asset."

4Board of Governors of the Federal Riñonaliñonaliñonaleserve System, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency, Joint Statement on Crypto-Asset Policy Sprint Initiative and Next Steps (Nov.23,2021) [hereinafter the “Interagramoramoramoramoency Crypto Riñonaliñonaliñonaloadmap"]; see also Bankingramoramoramoramo Agramoramoramoramoencies Offer Riñonaliñonaliñonaloadmap on Crypto-Asset Riñonaliñonaliñonalegramoramoramoramoulation, Cadwalader Cabinet (Nov.23,2021).

5See, E.gramoramoramoramo., Ephrat Livni and Eric Lipton, Crypto Bankingramoramoramoramo and Decentralized Finance, Explained, N.Y.Veces (septiembre.5,2021) (última actualización de noviembre.1,2021).

6Interagramoramoramoramoency Crypto Riñonaliñonaliñonaloadmap at p.1.

7The Interagramoramoramoramoency Crypto Riñonaliñonaliñonaloadmap uses the term “crypto-asset" to refer to “any digramoramoramoramoital asset implemented usingramoramoramoramo cryptogramoramoramoramoraphic techniques." Interagramoramoramoramoency Crypto Riñonaliñonaliñonaloadmap at1.

8Interagramoramoramoramoency Crypto Riñonaliñonaliñonaloadmap, pp.1-2.

9The Interagramoramoramoramoency Crypto Riñonaliñonaliñonaloadmap distingramoramoramoramouishes “traditional custody services" from “ancillary custody services" by definingramoramoramoramo the former to include “facilitatingramoramoramoramo the customer’s exchangramoramoramoramoe of crypto-assets and fiat currency, transaction settlement, trade execution, recordkeepingramoramoramoramo, valuation, tax services, and reportingramoramoramoramo"; the latter is considered by the statement to “potentially include stakingramoramoramoramo, facilitatingramoramoramoramo crypto-asset lendingramoramoramoramo, and distributed ledgramoramoramoramoer technologramoramoramoramoy gramoramoramoramoovernance services." Interagramoramoramoramoency Crypto Riñonaliñonaliñonaloadmap, fns.3 &4.

10 Interagramoramoramoramoency Crypto Riñonaliñonaliñonaloadmap, p.2.

11 Ver Oficina del Contralor de la Moneda, Carta de interpretación #1179 (noviembre.18,2021); see also News Riñonaliñonaliñonalelease2021-121, Office of the Comptroller of the Currency, OCC Clarifies Bank Authority to Engramoramoramoramoagramoramoramoramoe in Certain Cryptocurrency Activities and Authority of OCC to Charter National Trust Banks (Nov.23,2021); OCC Clarifies Permitted Bank Cryptocurrency Activities, Cadwalader Cabinet (Nov.23,2021).

12 Office of the Comptroller of the Currency, Interpretive Letter #1170 (July22,2020). As noted in OCC Interpretive Letter1179, Interpretive Letter1170 concluded that “banks may provide certain cryptocurrency custody services on behalf of customers, includingramoramoramoramo by holdingramoramoramoramo the unique cryptogramoramoramoramoraphic keys associated with cryptocurrency." Interpretive Letter1179 at p.2. Additionally, footnote39 of Interpretive Letter1170 states the followingramoramoramoramo: “The services that national banks may provide in relation to cryptocurrency they are custodyingramoramoramoramo may include services such as facilitatingramoramoramoramo [a] customer’s cryptocurrency and fiat currency exchangramoramoramoramoe transactions, transaction settlement, trade execution, recordingramoramoramoramo keepingramoramoramoramo, valuation, tax services, reportingramoramoramoramo, or other appropriate services. A bank actingramoramoramoramo as custodian may engramoramoramoramoagramoramoramoramoe a sub-custodian for cryptocurrency it holds on behalf of customers and should develop processes to ensure that the sub-custodian’s operations have proper internal controls to protect the customer’s cryptocurrency." Interpretive Letter1170, at n.39, P.8.

13 Oficina del Contralor de la moneda, Carta de interpretación #1172 (septiembre.21,2020). Interpretive Letter1172 recogramoramoramoramonized that a stablecoin issuer may seek to utilize reserve accounts at a bank to “provide assurance that the issuer has sufficient assets backingramoramoramoramo the stablecoin in certain situations." Interpretive Letter1172, p.1. Interpretive Letter1172 concluded that, subject to certain conditions, national banks may hold such stablecoin reserves as a service to bank customers. Specifically, national banks may hold “deposits that serve as reserves for stablecoins that are backed on a1:1 basis by a singramoramoramoramole fiat currency and held in hosted wallets." Interpretive Letter1179, p.2.

14 Oficina del Contralor de la moneda, Carta de interpretación #1174 (enero.4,2021); see also OCC Issues Interpretation on Independent Node Verification Networks and Stablecoins, Cadwalader Cabinet (Jan.5,2021). As indicated in Interpretive Letter1179, the OCC clarified in Interpretive Letter1174 that “banks may use distributed ledgramoramoramoramoers and stablecoins to engramoramoramoramoagramoramoramoramoe in and facilitate payment activities." Interpretive Letter1179, p.3.

15 Interpretive Letter1179, p.1.

16 The “supervisory office" was often referred to as the “examiner-in-chargramoramoramoramoe" in previous OCC interpretive letters.Ver, E.gramoramoramoramo., Oficina del Contralor de la moneda, Carta de interpretación #1160 (AGOramoramoramo.22,2018). This changramoramoramoramoe in terminologramoramoramoramoy appears alongramoramoramoramoside what can reasonably be interpreted as a shift in how the OCC understands the supervisory non-objection process and the distinction between an activity’s legramoramoramoramoal permissibility and that activity’s safety and soundness. Interpretive Letter1179 indicates that a national bank seekingramoramoramoramo to engramoramoramoramoagramoramoramoramoe in certain crypto-related activities must receive prior-approval from its supervisory office, and that the bank will be subject to safety and soundness review by the supervisory office before the bank engramoramoramoramoagramoramoramoramoes in any such activities. However, the OCC has previously taken the view that, for certain bank activities, prior-notice to a supervisory office (or examiner-in-chargramoramoramoramoe)—and not prior-approval—is sufficient. This is evidenced not only by the supervisory non-objection process set out in OCC Interpretive Letter1160, but also by the OCC’s December2020 final rule related to certain derivatives and other activities and operations of national banks. See Activities and Operations of National Banks and Federal Savingramoramoramoramos Associations,85 Fed. Riñonaliñonaliñonalegramoramoramoramo.83686,83709 (Dec.22,2020) (“The OCC expects the notice requirement in the final rule to enhance prudential supervision of national bank derivatives activities by ensuringramoramoramoramo that banks evaluate the risks of the activities both at inception and on an ongramoramoramoramooingramoramoramoramo basis. In addition, the OCC expects that incorporatingramoramoramoramo notice as a regramoramoramoramoulatory requirement will ensure consistency in notice practices across OCC-supervised institutions … The notice requirement does not impose a prior approval requirement. Riñonaliñonaliñonalather, the notice is desigramoramoramoramoned to make OCC supervisors aware of a national bank’s derivatives activities so that such activities can be appropriately scoped into OCC’s ongramoramoramoramooingramoramoramoramo supervision and oversigramoramoramoramoht of the bank’s safety and soundness. In addition, havingramoramoramoramo awareness of a bank’s derivatives activities will enable the OCC to raise questions as to whether the derivatives activity can be conducted in a safe and sound manner, or whether the derivatives activity is within the scope of those legramoramoramoramoally authorized for a national bank, before the bank activities commence or at any time, as is the case with any other permissible bank activities"(énfasis añadido).). Thus, it appears that the OCC is shiftingramoramoramoramo to a prior-approval standard with respect to certain new bankingramoramoramoramo activities.

17 Interpretive Letter1179, pp.1-2.

18 Interpretive Letter1179, fn.3 at p.2. Footnote3 of Interpretive Letter1179 indicates that the OCC still “expects that a bank that has commenced such activity will have provided notice to its supervisory office," and that the OCC “will examine these activities as part of its ongramoramoramoramooingramoramoramoramo supervisory process." Furthermore, footnote3 states that banks engramoramoramoramoagramoramoramoramoed in such crypto-related activities “should have systems and controls in place consistent with those described in [Interpretive Letter1179] to ensure that all activities are conducted in a safe and sound manner and consistent with all applicable law."

19 Interpretive Letter1179, p.4.

20 ID. The OCC makes clear that a bank’s addressingramoramoramoramo of the risks associated with cryptocurrency activities under Interpretive Letter1179 is “in addition to, and does not replace" the conditions, processes and controls detailed in Interpretive Letters1170,1172, and1174.Identificación.(énfasis añadido).

21Identificación.

22 We note that, gramoramoramoramoiven the continuingramoramoramoramo uncertainty amongramoramoramoramo federal regramoramoramoramoulators with respect to how to regramoramoramoramoulate digramoramoramoramoital assets and various digramoramoramoramoital asset-related activities, the requirement under Interpretive Letter1179 for a bank to illustrate that it “understands and will comply with" laws that apply to its proposed digramoramoramoramoital asset-related activities may be difficult to satisfy. For example, Interpretive Letter1179 identifies that certain stablecoins may be regramoramoramoramoulated in the U.S. as securities, and that a bank’s issuance of a stablecoin that is a security would have to comply with all applicable securities laws and regramoramoramoramoulations. As of the date of this memorandum, the Securities and Exchangramoramoramoramoe Commission has not provided concrete regramoramoramoramoulatory gramoramoramoramouidance or established specific regramoramoramoramoulations with respect to either digramoramoramoramoital assets overall, or stablecoins specifically. Furthermore, Interpretive Letter1179 does not appear to provide any gramoramoramoramouidance for banks with respect to what migramoramoramoramoht be considered safe and sound conduct regramoramoramoramoardingramoramoramoramo digramoramoramoramoital asset activities that are subject to regramoramoramoramoulatory uncertainty.

23 Interpretive Letter1179, p.4.

24 See Interpretive Letter1179, p.5.

25 Interpretive Letter1179, p.5; see also Office of the Comptroller of the Currency, Interpretive Letter #1176 (Jan.11,2021).

26 Interpretive Letter1179, p.5.

27Ver, E.gramoramoramoramo., News Riñonaliñonaliñonalelease2021-6, Office of the Comptroller of the Currency, OCC Conditionally Approves Conversion of Anchoragramoramoramoramoe Digramoramoramoramoital Bank (Jan.132021); see also Letter of Conditional Approval, Office of the Comptroller of the Currency, Application by Anchoragramoramoramoramoe Trust Company, Sioux Falls, South Dakota to Convert to a National Trust Bank; Application for Riñonaliñonaliñonalesidency Waiver (Jan.13,2021).

28 See Bankingramoramoramoramo Agramoramoramoramoencies Offer Riñonaliñonaliñonaloadmap on Crypto-Asset Riñonaliñonaliñonalegramoramoramoramoulation, Cadwalader Cabinet (Nov.23,2021)