The FDIC, one of the US regulatory agencies, added evaluating crypto asset risks to its priorities this year.
Vice President of the US Federal Deposit Insurance Corporation, Martin Gruenberg, announced the institution’s 2022 priorities. Accordingly, the risks attributed to crypto assets are among the priorities. The FDIC suggested that the rapid integration of digital assets with the existing financial system could pose significant risks to its security and robustness. The statement on the subject included the following statements:
“To the extent that such activities can be conducted in a safe and sound manner, agencies will need to provide the banking industry with sound guidance on the management of prudent and consumer protection risks arising from crypto-asset activities.”
Other priorities were listed as strengthening the Community Reinvestment Law, addressing financial risks caused by climate change, reviewing the bank merger process and finalizing the Basel III Capital Rule. The agency added that all of these priorities will require close collaboration between federal banking institutions.
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