The Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency have released a joint statement highlighting risks associated with crypto assets to banking organizations.
Some of these risks include misleading or inaccurate disclosures and representations by crypto-asset companies; significant volatility in crypto-asset markets; susceptibility of stablecoins to run risk; and contagion risk within the crypto-asset sector stemming from interconnections among certain crypto-asset participants, according to the joint statement published Tuesday.
The agencies said they are taking a “careful and cautious approach” with regard to activities related to crypto assets at each banking organization and are continuing to evaluate whether such activities can be carried out in a way that addresses consumer protection, legal permissibility, safety and soundness and compliance with regulations and laws.
The Federal Reserve, FDIC and the OCC will continue to closely track exposures of banking institutions to crypto-asset risks and collaborate with other authorities on matters associated with crypto assets.
