Fed, OCC, FDIC in 'sprint' on regulation for crypto, Quarles says

FILE PHOTO: Financial Stability Board chair and Federal Reserve Vice Chairman for Supervision Randal Quarles addresses the Economic Club of New York in New York City, U.S., October 18, 2018. REUTERS/Brendan McDermid

(Reuters) - Federal Reserve Vice Chair of Supervision Randal Quarles said on Tuesday that U.S. financial regulatory agencies are working together on addressing issues related to cryptocurrency.

"We along with the OCC and the FDIC are engaged right now in what we are calling a sprint in seeking to pull together views on exactly that" including discussions of a common regulatory framework, capital treatment and operational treatment, Quarles said in answer to a question from a member of the Senate banking committee about cryptocurrency and its illicit use. A joint framework for supervision is a "high priority" he added and said he expects to have some results "soon."