Federal Agencies Crafting Rules Around Banks and Cryptocurrencies

A group of U.S. federal agencies on Tuesday said they plan next year to begin delineating how banks can legally get involved in the growing field of cryptocurrencies.

The agencies will focus on what activities banks can legally participate in, and outline rules to ensure safety, consumer protection and compliance with existing laws, said the joint statement from the Federal Reserve, Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency.