On Tuesday, January 3, top US bank regulators issued a fresh warning to lenders over the risks of getting involved with crypto activities.
Top US banking regulators – The Federal Reserve, the Office of the Comptroller of the Currency (OFOC), and Federal Deposit Insurance Corp. shared their concerns over exposure to digital assets. The officials from the respective agencies said that risks that are beyond manageable shouldn’t migrate to the banking system in any case.
These warnings come after major liquidity crisis situations emerged in the crypto space over the last few months. The collapse of the crypto exchange FTX led to a million customers losing their crypto investments. Also, the total loss, in this case, is estimated to be over $8 billion.
“The events of the past year have been marked by significant volatility and the exposure of vulnerabilities in the crypto-asset sector. It is important that risks related to the crypto-asset sector that cannot be mitigated or controlled
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