BNY Mellon urges US regulators to clarify crypto regulation.

U.S. authorities need to bring more clarity to the “rules of the game” for digital assets amid confusion over which activities are permitted. This was stated by the BNY Mellon Chief Financial Officer Emily Portni, Reuters reports.

“It’s unclear who actually regulates cryptocurrency […], what you can or cannot do. A large part of the activity is conducted in what I would call a shadow banking system”, she explained.

In May 2021, the ‘interagency sprint‘ began with the participation of the Fed, FDIC, and OCC, which will continue into 2022. The result of these efforts will be defining the lines of responsibility for each regulator and the establishment of a cooperative framework.

FSOC promised in 2022 to present additional recommendations regarding the integration of cryptocurrencies into banks’ product lines.

Earlier in February 2021, Bank of New York Mellon announced the launch of custody services for Bitcoin and other cryptocurrencies. In July, the bank joined the crypto platform for financial institutions Pure Digital.

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