The Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) have jointly issued warnings about crypto risks to banking organizations. “The agencies have significant safety and soundness concerns with business models that are concentrated in crypto-asset-related activities or have concentrated exposures to the crypto-asset sector,” the regulators detailed.
U.S. Regulators Warn About Crypto Risks
The Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) issued a joint statement on crypto risks to banking organizations Tuesday.
They explained that events in the past year showed “significant volatility and the exposure of vulnerabilities in the crypto-asset sector.” The regulators named many risks, including fraud and scams, legal uncertainties, inaccurate or misleading representations by crypto companies, significant volatility in crypto markets,
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