U.S. Deposit Insurance Corporation FDIC also adds crypto assets to the list

The US Deposit Insurance Corporation (FDIC) has included the issue of assessing cryptoasset risks in its list of priorities for 2022. The statement on the subject came from FDIC Deputy Chairman Martin Gruenberg. Gruenberg announced the institution’s priorities for 2022.

Martin Gruenberg, Deputy Chairman of the Federal Deposit Insurance Corporation (FDIC), announced the institution’s priorities for 2022. He also said that for all these, new collaborations will be made with federal banking institutions. At first, the part about crypto assets also drew attention.

We can list the priorities as follows;

• Strengthening the Community Reinvestment Act,
• Addressing the financial risks posed by climate change,
• Review of the bank merger process,
• Evaluation of crypto-related risks,
• Finalization of the Basel III Capital Rule.

According to the FDIC, the rapid integration of digital assets with the existing financial system can pose risks to security. The statement also included the following words:

“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 prudent and management of consumer protection risks arising from crypto-asset activities.”