The Federal Deposit Insurance Corporation or FDIC, a federal agency that provides deposit insurance to depositors in US banks, has recently faced mounting pressure to address the potential risks arising from the volatile world of cryptocurrencies.
The Office of the Inspector General, responsible for overseeing the FDIC, issued a report on Wednesday emphasizing the urgency for it to assess and prepare for the challenges posed by the evolving crypto landscape.
The report not only highlighted the need for a comprehensive risk assessment but also outlined various recommendations that the FDIC has agreed to implement by early next year.
The Inspector General’s report emphasized the insurer’s ongoing efforts to develop strategies to mitigate potential risks associated with crypto assets. However, it raised concerns about the absence of a thorough evaluation of the significance and possible impact of these risks.
The report underscored the necessity for the insurer to conduct a comp
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