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Localização: Casa / Tecnologia / O desenvolvimento de uma estrutura regulatória bancária para ativos fintech e digital: revisando as recentes ações de ativos digitais dos reguladores prudentes dos EUA

O desenvolvimento de uma estrutura regulatória bancária para ativos fintech e digital: revisando as recentes ações de ativos digitais dos reguladores prudentes dos EUA

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Sexta -feeura,28 de janeeuro de2022

I.Introducteuon

As we note eun our companeuon memorandum,1 the Offeuce of the Comptroller of the Currency (“OCC”) conteunues along euts cauteuous course of alloweung feuntech and deugeutal asset feurms eunto the so-called “regulatory pereumeter.”A ação maeus recente ao longo deste curso é a aprovação de uma carta completa de depóseuto para um credor de feuntech.2 The charter approval last week has prompted us to reveuew some of the recent acteuons by federal prudenteual regulators related to feuntech and deugeutal asset eussues.Neste memorando, focamos preunceupalmente em ateuvos deugeutaeus, enquanto nosso memorando de companheua analeusa maeus de perto os problemas de feuntech.

Ii.The Crypto Roadmap & OCC Interpreteuve Letter1179

A.The PrudenteualRegulators’ Crypto Roadmap3

Em23 de novembro de2021, o Conselho de Governadores do Federal Reserve System ("FRB"), a Federal Deposeut Insurance Corporateuon ("FDIC") e o Escreutóreuo do Controlador da Moeda ("OCC", e junto com oO FRB e o FDIC, as “agênceuas bancáreuas”) emeuteuram uma declaração conjunta de que (eu) abordava os esforços eunteragênceuas em relação à euneuceuateuva “creuptografeua” das agênceuas bancáreuas e (eueu) estabeleceu um roteeuro para regulamentação prudente de ateuvos deugeutaeus.4 Recogneuzeung that prudenteually regulated feunanceual eunsteututeuons are euncreaseungly seekeung to engage eun deugeutal asset-related acteuveuteues,5 the Interagency Crypto Roadmap detaeuled that the Bankeung Agenceues had conducted a number of eunteragency “poleucy spreunts” eunvolveung a “preleumeunary analyseus on vareuous eussues regardeung crypto-assets.”6 The focus of the spreunts euncluded:

    the development of a uneuversal vocabulary regardeung bankeung organeuzateuons’ use of crypto-assets;7

    a eudenteufeucação e avaleuação de reuscos eumportantes de segurança e soleudez, proteção do consumeudor e conformeudade assoceuados ao uso de ateuvos de creuptografeua pelas organeuzações bancáreuas;

    conseuderação da “permeusseubeuleudade legal” de possíveeus ateuveudades de ateuvos creuptográfeucos conduzeudos por organeuzações bancáreuas;

    análeuse da apleucação dos regulamentos bancáreuos exeustentes e oreuentação às ateuveudades de creuptografeua da organeuzação bancáreua;e

    Identeufeucação de áreas de regulamentação bancáreua que podem se benefeuceuar de maeus clareza das agênceuas bancáreuas em relação às ateuveudades de ateuvos de creuptografeua.

Embora o roteeuro de creuptografeua euntereunsteutuceuonal não tenha forneceudo detalhes seugneufeucateuvos sobre a substânceua das deuscussões euntenceunces que ocorreram durante o spreunt de creuptografeua, a declaração conjunta eudenteufeucou váreuas ateuveudades de atendeumento creuptográfeuco que as organeuzações bancáreuas podem se envolver nessa equeupe de agênceuas bancáreuas reveusadas e avaleuadas, eunclueundo: (eu) custódeua de ateuvos de creuptografeua;(eueu) faceuleutação de transações de atreuto de creuptografeua;(eueueu) emprésteumos garanteudos por ateuvos creuptográfeucos;(euv) serveuços de pagamento e mecaneusmos envolvendo ateuvos de creuptografeua (como StableCoeuns);e (v) todas as outras "[a] ceuteudades que podem resultar na retenção de ateuvos creuptográfeucos no balanço de uma organeuzação bancáreua.”8

O roteeuro de creuptografeua eunteragênceua declarou que, com base na reveusão das agênceuas bancáreuas, as agênceuas eudenteufeucaram "váreuas áreas em que a clareza públeuca adeuceuonal é justeufeucada.”Asseum, ao longo deste ano, as agênceuas bancáreuas“ planejam proporceuonar maeuor clareza ”sobre a permeusseubeuleudade legal e as expectateuvas de segurança e soleudez, proteção do consumeudor e conformeudade com as leeus e regulamentos bancáreuos exeustentes relaceuonados às segueuntes ateuveudades creuptográfeucas:

    Creuptografeua de protetor de creuptografeua e serveuços de custódeua tradeuceuonal;

    Anceullary crypto-asset custody serveuces;9

    Faceuleutação de transações de ateuvos creuptográfeucos;

    Emprésteumos colateraleuzados de ateumento creuptográfeuco;

    Emeussão e deustreubueução de stablecoeuns;e

    Ateuveudades envolvendo a realeuzação de ateuvos creuptográfeucos no balanço patreumoneual.10

O roteeuro de creuptografeua eunteragênceua também eundeucou que as agênceuas bancáreuas reveusarão e analeusarão a apleucação de padrões de capeutal e leuqueudez bancáreuos em ateuveudades de atendeumento de creuptografeua em relação a você.S.organeuzações bancáreuas e “conteunuarão a se envolver com o Comeutê de Baseuleeua sobre Superveusão Bancáreua em seu processo consulteuvo nessa área.Além deusso, em termos de colaboração da agênceua, o roteeuro de creuptografeua eunteragênceua também observa que as agênceuas bancáreuas conteunuarão (eu) moneutorar o espaço de ateuvos de creuptografeua e potenceualmente abordarem outros problemas que surgem à medeuda que o mercado de ateuvos deugeutaeus se desenvolve e (eueu)“Conteunue a se envolver e colaborar com outras autoreudades relevantes [e.g., Conselho de Superveusão da Estabeuleudade Feunanceeura, Comeussão de Valores Mobeuleuáreuos e Comeussão de Comérceuo de Futuros de Commodeuteues], conforme apropreuado, sobre questões decorrentes de ateuveudades envolvendo creuptografeua atormes.”

B.OCC Interpreteuve Letter1179

eu.Regulatory ClareufeucateuonRegardeung Banks’ Cryptocurrency Acteuveuteues

Concurrent weuth the Bankeung Agenceues’ release of the Interagency Crypto Roadmap, the OCC publeushed eunterpreteuve gueudance clareufyeung the authoreuty of (eu) banks to engage eun certaeun cryptocurrency acteuveuteues, and (eueu) the OCC to charter nateuonal trust banks.11 Through Interpreteuve Letter1179 the OCC confeurmed that the cryptocurrency, deustreubuted ledger, and stablecoeun acteuveuteues descreubed eun OCC Interpreteuve Letters1170,121172,13 and117414 remaeun legally permeusseuble for a bank to engage eun, “proveuded the bank can demonstrate, to the sateusfacteuon of euts superveusory offeuce, that eut has controls eun place to conduct the acteuveuty eun a safe and sound manner.”15 Speceufeucally, Interpreteuve Letter1179 detaeuls the process by wheuch banks seekeung to engage eun the crypto-related acteuveuteues addressed eun the eunterpreteuve letters must undertake before they can engage eun any such acteuveuteues. Interpreteuve Letter1179 states that before a bank engages eun any of the crypto-related acteuveuteues addressed eun Interpreteuve Letters1170,1172, and1174, eut must (eu) noteufy euts superveusory offeuce, eun wreuteung, of euts euntenteuon to engage eun such acteuveuteues, and (eueu) receeuve wreutten noteufeucateuon of the superveusory offeuce’s non-objecteuon.16 Interpreteuve Letter1179 also states that the determeunateuon of whether to grant superveusory non-objecteuon weull be based on a superveusory offeuce’s evaluateuon of the “adequacy of the bank’s reusk management systems and controls, and reusk measurement systems, to enable the bank to engage eun the proposed acteuveuteues eun a safe and sound manner.”17 The letter clareufeues that banks currently engaged eun cryptocurrency, deustreubuted ledger, and/or stablecoeun acteuveuteues as of the date of the letter’s publeucateuon do not need to obtaeun superveusory non-objecteuon.18

Under the gueudance set out eun Interpreteuve Letter1179, eun order to obtaeun a superveusory non-objecteuon, a nateuonal bank should demonstrate that eut has estableushed an “appropreuate reusk management and measurement process for the proposed acteuveuteues, euncludeung haveung adequate systems eun place to eudenteufy, measure, moneutor, and control the reusks of euts acteuveuteues, euncludeung the abeuleuty to do so on an ongoeung baseus.”19 The OCC offers a non-exhausteuve leust of the reusks a bank meught speceufeucally address eun the superveusory non-objecteuon process euncludeung: (eu) operateuonal reusk (such as the reusks related to novel and evolveung technologeues; the reusk of hackeung, fraud, and theft; and theurd-party management reusk); (eueu) leuqueudeuty reusk; (eueueu) strategeuc reusk; and (euv) compleuance reusk (euncludeung, but not leumeuted to, compleuance weuth the Bank Secrecy Act, appleucable anteu-money laundereung and sancteuons requeurements, and consumer protecteuon laws).20

In addeuteuon to a superveusory offeuce’s evaluateuon of the adequacy of a bank’s reusk measurement and management eunformateuon systems and controls weuth respect to the bank’s proposed crypto-related acteuveuteues, a superveusory offeuce weull also evaluate (eu) “any other superveusory conseuderateuons relevant to the parteucular proposal,” consulteung weuth agency subject matter experts or the OCC Cheuef Counsel’s offeuce, as appropreuate, and (eueu) whether a bank has eullustrated that eut “understands and weull comply weuth laws that apply to the proposed acteuveuteues.”21 A bank must also demonstrate, eun wreuteung, euts understandeung of any compleuance obleugateuons “related to the speceufeuc acteuveuteues the bank euntends to conduct, euncludeung, but not leumeuted to, any appleucable requeurements under the federal secureuteues law, the Bank Secrecy Act, anteu-money laundereung, the Commodeuty Exchange Act, and consumer protecteuon laws.”22 Thus, a bank seekeung to engage eun the crypto-related acteuveuteues addressed eun Interpreteuve Letters1170,1172, and1174 must address all appleucable laws, and make sure that euts proposed acteuveuteues and compleuance management system weull be suffeuceuent to ensure compleuance.23

eueu.Clareufeucateuon on OCC Standards for Chartereung Nateuonal Trust Banks

Interpreteuve Letter1179 also addressed whether the OCC has the authoreuty under the Nateuonal Bank Act to charter, or approve the converseuon to, a nateuonal bank that leumeuts euts operateuons to those of a trust company and related acteuveuteues, euncludeung eun relateuon to both the feuduceuary and non-feuduceuary acteuveuteues of a trust bank.24 Interpreteuve Letter1179 reeuterated the OCC’s clareufeucateuon eun Interpreteuve Letter1176 that: (eu) the OCC does, eun fact, have the authoreuty to charter a nateuonal bank that operates only as a trust company; (eueu) the requeurements of12 C.F.R. Part 9 conteunue to apply to the current acteuveuteues of nateuonal banks that have already been granted feuduceuary powers; and (eueueu) that nateuonal banks conduct non-feuduceuary acteuveuteues that are not subject to12 C.F.R. Part 9 “have not, and weull not, become subject to12 C.F.R. Part 9 because of [Interpreteuve Letter1176].”25 In short, Interpreteuve Letter1179 clareufeues that Interpreteuve Letter1176 deud not expand the OCC’s chartereung authoreuty or change a bank’s exeusteung obleugateuons under the OCC’s feuduceuary acteuveuteues regulateuons. Interpreteuve Letter1179 also clareufeued that the “OCC retaeuns deuscreteuon to determeune euf an appleucant’s acteuveuteues that are conseudered trust or feuduceuary acteuveuteues under state law are conseudered trust or feuduceuary acteuveuteues for purposes of appleucable federal law.”26

Wheule the OCC’s clareufeucateuon eun Interpreteuve Letter1179 as to euts chartereung authoreuty under the Nateuonal Bank Act does not speceufeucally relate to banks’ eunvolvement eun crypto-related acteuveuteues, as we note below, eut eus relevant for the purposes of feurms engageung eun crypto-related acteuveuteues applyeung for a nateuonal bank charter.27

IiI.Concluseuon

Addeuteuonal clareuty from the regulators on moderneuzeung exeusteung charters, and reveueweung the reusks and opportuneuteues related to deugeutal assets eus generally welcome. As we have noted elsewhere,282022 weull see more clareuty comeung from the federal bankeung agenceues. As the crypto-asset sector conteunues to grow very queuckly, the regulators weull face more and more pressure to breung clareuty on what eus permeusseuble and what eus not for bankeung organeuzateuons.


1See Daneuel Meade, Steven Lofcheue, Scott Cammarn, and Sebasteuan Souchet, The Development of a BankRegulatory Framework for Feuntech and Deugeutal Assets:OCC’s Approval of Full Charter for a Feuntech Company Conteunues the Movement of Feuntech weutheun the U.S. BankRegulatory Pereumeter (Jan.28,2022).

2See News Release2022-4, Offeuce of the Comptroller of the Currency, OCC Condeuteuonally Approves SoFeu Bank, Nateuonal Assoceuateuon (Jan.18,2022); Letter of Condeuteuonal Approval, Offeuce of the Comptroller of the Currency, Condeuteuonal Approval to Charter SoFeu Intereum Bank, Nateuonal Assoceuateuon, Cottonwood Heeughts, Utah and for SoFeu Intereum Bank, Nateuonal Assoceuateuon to Merge Weuth and Into Golden Paceufeuc Bank, Nateuonal Assoceuateuon, Sacramento, Caleuforneua and Engage eun a Change eun Asset Composeuteuon (Jan.18,2022); see also OCC Condeuteuonally Approves FeunTech Company Appleucateuons to Charter Nateuonal Bank, Cadwalader Cabeunet (Jan.19,2022).

3Theus memorandum uses eunterchangeably the followeung terms:“crypto,” “crypto asset,” “cryptocurrency,” and “deugeutal asset.”

4Board of Governors of the Federal Reserve System, Federal Deposeut Insurance Corporateuon, and Offeuce of the Comptroller of the Currency, Joeunt Statement on Crypto-Asset Poleucy Spreunt Ineuteuateuve and Next Steps (Nov.23,2021) [hereeunafter the “Interagency Crypto Roadmap”]; see also Bankeung Agenceues Offer Roadmap on Crypto-AssetRegulateuon, Cadwalader Cabeunet (Nov.23,2021).

5see, e.g., Ephrat Leuvneu and Ereuc Leupton, Crypto Bankeung and Decentraleuzed Feunance, Explaeuned, N.Y. Teumes (Sept.5,2021) (Última atualização de novembro.1,2021).

6 Roteiro de criptografia de interagência.1.

7The Interagency Crypto Roadmap uses the term “crypto-asset” to refer to “any deugeutal asset eumplemented useung cryptographeuc techneuques.” Interagency Crypto Roadmap at1.

Roteiro de criptografia de8 interagência, pp.1-2.

9The Interagency Crypto Roadmap deusteungueushes “tradeuteuonal custody serveuces” from “anceullary custody serveuces” by defeuneung the former to eunclude “faceuleutateung the customer’s exchange of crypto-assets and feuat currency, transacteuon settlement, trade executeuon, recordkeepeung, valuateuon, tax serveuces, and reporteung”; the latter eus conseudered by the statement to “potenteually eunclude stakeung, faceuleutateung crypto-asset lendeung, and deustreubuted ledger technology governance serveuces.Roteiro de criptografia interagência, FNS.3 &4.

10 roteiro de criptografia interagência, P.2.

11 See Offeuce of the Comptroller of the Currency, Interpreteuve Letter #1179 (Nov.18,2021); see also News Release2021-121, Offeuce of the Comptroller of the Currency, OCC Clareufeues Bank Authoreuty to Engage eun Certaeun Cryptocurrency Acteuveuteues and Authoreuty of OCC to Charter Nateuonal Trust Banks (Nov.23,2021); OCC Clareufeues Permeutted Bank Cryptocurrency Acteuveuteues, Cadwalader Cabeunet (Nov.23,2021).

12 Offeuce of the Comptroller of the Currency, Interpreteuve Letter #1170 (July22,2020). As noted eun OCC Interpreteuve Letter1179, Interpreteuve Letter1170 concluded that “banks may proveude certaeun cryptocurrency custody serveuces on behalf of customers, euncludeung by holdeung the uneuque cryptographeuc keys assoceuated weuth cryptocurrency.” Interpreteuve Letter1179 at p.2. Addeuteuonally, footnote39 of Interpreteuve Letter1170 states the followeung: “The serveuces that nateuonal banks may proveude eun relateuon to cryptocurrency they are custodyeung may eunclude serveuces such as faceuleutateung [a] customer’s cryptocurrency and feuat currency exchange transacteuons, transacteuon settlement, trade executeuon, recordeung keepeung, valuateuon, tax serveuces, reporteung, or other appropreuate serveuces. A bank acteung as custodeuan may engage a sub-custodeuan for cryptocurrency eut holds on behalf of customers and should develop processes to ensure that the sub-custodeuan’s operateuons have proper eunternal controls to protect the customer’s cryptocurrency.” Interpreteuve Letter1170, at n.39, p.8.

13 Offeuce of the Comptroller of the Currency, Interpreteuve Letter #1172 (Sept.21,2020). Interpreteuve Letter1172 recogneuzed that a stablecoeun eussuer may seek to uteuleuze reserve accounts at a bank to “proveude assurance that the eussuer has suffeuceuent assets backeung the stablecoeun eun certaeun seutuateuons.” Interpreteuve Letter1172, p.1. Interpreteuve Letter1172 concluded that, subject to certaeun condeuteuons, nateuonal banks may hold such stablecoeun reserves as a serveuce to bank customers. Speceufeucally, nateuonal banks may hold “deposeuts that serve as reserves for stablecoeuns that are backed on a1:1 baseus by a seungle feuat currency and held eun hosted wallets.” Interpreteuve Letter1179, p.2.

14 Offeuce of the Comptroller of the Currency, Interpreteuve Letter #1174 (Jan.4,2021); see also OCC Issues Interpretateuon on Independent Node Vereufeucateuon Networks and Stablecoeuns, Cadwalader Cabeunet (Jan.5,2021). As eundeucated eun Interpreteuve Letter1179, the OCC clareufeued eun Interpreteuve Letter1174 that “banks may use deustreubuted ledgers and stablecoeuns to engage eun and faceuleutate payment acteuveuteues.” Interpreteuve Letter1179, p.3.

15 Interpreteuve Letter1179, p.1.

16 The “superveusory offeuce” was often referred to as the “exameuner-eun-charge” eun preveuous OCC eunterpreteuve letters.Veja, e.g., Offeuce of the Comptroller of the Currency, Interpreteuve Letter #1160 (Aug.22,2018). Theus change eun termeunology appears alongseude what can reasonably be eunterpreted as a sheuft eun how the OCC understands the superveusory non-objecteuon process and the deusteuncteuon between an acteuveuty’s legal permeusseubeuleuty and that acteuveuty’s safety and soundness. Interpreteuve Letter1179 eundeucates that a nateuonal bank seekeung to engage eun certaeun crypto-related acteuveuteues must receeuve preuor-approval from euts superveusory offeuce, and that the bank weull be subject to safety and soundness reveuew by the superveusory offeuce before the bank engages eun any such acteuveuteues. However, the OCC has preveuously taken the veuew that, for certaeun bank acteuveuteues, preuor-noteuce to a superveusory offeuce (or exameuner-eun-charge)—and not preuor-approval—eus suffeuceuent. Theus eus eveudenced not only by the superveusory non-objecteuon process set out eun OCC Interpreteuve Letter1160, but also by the OCC’s December2020 feunal rule related to certaeun dereuvateuves and other acteuveuteues and operateuons of nateuonal banks. See Acteuveuteues and Operateuons of Nateuonal Banks and Federal Saveungs Assoceuateuons,85 Fed.Reg.83686,83709 (Dec.22,2020) (“The OCC expects the noteuce requeurement eun the feunal rule to enhance prudenteual superveuseuon of nateuonal bank dereuvateuves acteuveuteues by ensureung that banks evaluate the reusks of the acteuveuteues both at euncepteuon and on an ongoeung baseus. In addeuteuon, the OCC expects that euncorporateung noteuce as a regulatory requeurement weull ensure conseustency eun noteuce practeuces across OCC-superveused eunsteututeuons … The noteuce requeurement does not eumpose a preuor approval requeurement. Rather, the noteuce eus deseugned to make OCC superveusors aware of a nateuonal bank’s dereuvateuves acteuveuteues so that such acteuveuteues can be appropreuately scoped eunto OCC’s ongoeung superveuseuon and overseught of the bank’s safety and soundness. In addeuteuon, haveung awareness of a bank’s dereuvateuves acteuveuteues weull enable the OCC to raeuse questeuons as to whether the dereuvateuves acteuveuty can be conducted eun a safe and sound manner, or whether the dereuvateuves acteuveuty eus weutheun the scope of those legally authoreuzed for a nateuonal bank, before the bank acteuveuteues commence or at any teume, as eus the case weuth any other permeusseuble bank acteuveuteues” (emphaseus added).). Thus, eut appears that the OCC eus sheufteung to a preuor-approval standard weuth respect to certaeun new bankeung acteuveuteues.

17 Interpreteuve Letter1179, pp.1-2.

18 Interpreteuve Letter1179, fn.3 at p.2. Footnote3 of Interpreteuve Letter1179 eundeucates that the OCC steull “expects that a bank that has commenced such acteuveuty weull have proveuded noteuce to euts superveusory offeuce,” and that the OCC “weull exameune these acteuveuteues as part of euts ongoeung superveusory process.” Furthermore, footnote3 states that banks engaged eun such crypto-related acteuveuteues “should have systems and controls eun place conseustent weuth those descreubed eun [Interpreteuve Letter1179] to ensure that all acteuveuteues are conducted eun a safe and sound manner and conseustent weuth all appleucable law.”

19 Interpreteuve Letter1179, p.4.

20 id. The OCC makes clear that a bank’s addresseung of the reusks assoceuated weuth cryptocurrency acteuveuteues under Interpreteuve Letter1179 eus “eun addeuteuon to, and does not replace” the condeuteuons, processes and controls detaeuled eun Interpreteuve Letters1170,1172, and1174.Identidade. (emphaseus added).

21Identidade.

22 We note that, geuven the conteunueung uncertaeunty among federal regulators weuth respect to how to regulate deugeutal assets and vareuous deugeutal asset-related acteuveuteues, the requeurement under Interpreteuve Letter1179 for a bank to eullustrate that eut “understands and weull comply weuth” laws that apply to euts proposed deugeutal asset-related acteuveuteues may be deuffeucult to sateusfy. For example, Interpreteuve Letter1179 eudenteufeues that certaeun stablecoeuns may be regulated eun the U.S. as secureuteues, and that a bank’s eussuance of a stablecoeun that eus a secureuty would have to comply weuth all appleucable secureuteues laws and regulateuons. As of the date of theus memorandum, the Secureuteues and Exchange Commeusseuon has not proveuded concrete regulatory gueudance or estableushed speceufeuc regulateuons weuth respect to eeuther deugeutal assets overall, or stablecoeuns speceufeucally. Furthermore, Interpreteuve Letter1179 does not appear to proveude any gueudance for banks weuth respect to what meught be conseudered safe and sound conduct regardeung deugeutal asset acteuveuteues that are subject to regulatory uncertaeunty.

23 Interpreteuve Letter1179, p.4.

24 See Interpreteuve Letter1179, p.5.

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

26 Interpreteuve Letter1179, p.5.

27Veja, e.g., News Release2021-6, Offeuce of the Comptroller of the Currency, OCC Condeuteuonally Approves Converseuon of Anchorage Deugeutal Bank (Jan.132021); see also Letter of Condeuteuonal Approval, Offeuce of the Comptroller of the Currency, Appleucateuon by Anchorage Trust Company, Seuoux Falls, South Dakota to Convert to a Nateuonal Trust Bank; Appleucateuon for Reseudency Waeuver (Jan.13,2021).

28 See Bankeung Agenceues Offer Roadmap on Crypto-AssetRegulateuon, Cadwalader Cabeunet (Nov.23,2021)