REUTERS/Edgar Su
WASHINGTON, Jan 18 (Reuters) – U.S. regulators need to provide more clarity on the rules of the road for cryptocurrencies and other digital assets amid ongoing confusion over what activities are allowed, a top banking executive said on Tuesday.
“We’re hoping for more clarity around digital assets,” Emily Portney, chief financial officer for Bank of New (BNY) York Mellon Corp (BK.N), the country’s tenth largest lender, told Reuters in an interview.
“Frankly, it’s a bit confusing about who actually regulates digital assets and especially crypto … and of course exactly what you can or cannot do,” said Portney, speaking after the bank posted a 17% rise in fourth quarter profits.
Portney’s comments highlight growing frustration among banking industry executives as U.S. President Joe Biden’s regulators have taken a cautious approach to digital assets. With cryptocurrencies surpassing $3trillion in November, banks are keen to enter the space but many feel they cannot launch new products or expand existing offerings until the rules are clearer.
BNY Mellon, which specializes in holding and servicing assets on behalf of clients, in February announced it was developing a custody and administration platform for digital assets.
The Office of the Comptroller of the Currency (OCC) said in November that banks must obtain written permission from their bank supervisors before engaging in cryptocurrency-related activities, including custody services, a reversal from the Trump administration’s policy which gave banks permission to provide crypto custody services.
The OCC and other regulators are engaged in a “policy sprint” to understand where to offer regulatory clarity for banks on cryptocurrencies. That effort will likely inform new guidance or rules, which could be released as soon as this year.
“A lot of the activity is happening in I guess what I would call the shadow banking system just because of the lack of clarity,” said Portney.Reporting by Michelle Price; additional reporting by Hannah Lang Editing by Marguerita Choy
This article was originally published by Reuters.
Ghada Ashour, who grew up in Gaza, becomes fifth scholar selected for FIA’s flagship scholarship initiative Dubai, UAE, 8th December, 2025: The FIA’s United Against Online Abuse (UAOA) Campaign has welcomed Ghada Ashour, a 24-year-old student from Palestine, to its flagship scholarship programme, created to empower the next generation of researchers in the fight against online abuse in sport. Ghada grew up in Gaza where she has been studying remotely until gaining her place on the UAOA scholarship, which brought her to Dublin City University (DCU), Ireland. Becoming the fifth scholar to join the scholarship, she was selected based on her interests in social media, and her strong passion for advancing insights in this area for the benefit of everyone participating in sport. Launched in 2023, the programme offers talented students and young professionals from diverse backgrounds the opportunity to engage in cutting-edge research on the impact, prevalence, and prevention of online abuse in sport with a focus on developing practical solutions. Funded by the FIA Foundation, the UAOA scholars have been selected to undertake invaluable research at DCU based on their project proposals, dedication to achieving positive social change, and their unique perspectives approaching this issue. Ghada’s thesis, which will be printed in English and translated into Arabic, will focus specifically on the …
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