A new assessment by the Federal Deposit Insurance Corporation (FDIC)’s Office of Inspector General has brought to light substantial gaps and deficiencies in its ability to provide clarity to member banks on policies and procedures regarding crypto activities.
The review of risk assessment strategies stemmed from the crypto-asset sector’s wild volatility since 2020, reaching $3 trillion in market capitalization by November 2021, only to plummet to $1.2 trillion as of April 2023. Such fluctuations underscore several potential risks regarding liquidity, market pricing, and consumer protection that the FDIC must be aware of.
However, the FDIC’s efforts to address these potential risks have been found inadequate. The Inspector General found that the FDIC had failed to assess the significance and potential impact of crypto asset risks, leaving a significant gap in its approach to dealing with this rapidly evolving sector. In fact, the Inspector General found the FDIC had not addresse
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