The Federal Deposit Insurance Corporation has included crypto in its annual risk review for the first time, stating that crypto presents key risks and that it needs closer supervision.
FDIC seeks more control over crypto companies
The crypto industry may not be entirely happy with being closely supervised by the likes of the FDIC given that it came about as an alternative to a slow-moving banking system that does not provide a helpful service to clients.
Be that as it may, the FDIC has the reins of power and will do what it will do in order to try and bring crypto under the control of regulators that are regulating on behalf of the incumbent system.
Banks are already working with crypto institutions, and others are contemplating such a move. Therefore, in collaboration with its fellow federal banking entities the FDIC has stated in its report that it is ready to delve further into how banks are getting involved in crypto, and with this knowledge provide full supervisory guidance.
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