FDIC makes crypto evaluation a priority this year citing considerable security and financial system risks regulation
FDIC makes crypto evaluation a priority this year citing considerable security and financial system risks regulation
The US Federal Deposit Insurance Corporation (FDIC) has declared a priority to evaluate crypto-assets this year. "The quick introduction of a large number of crypto-asset or digital asset products in the financial system could bring considerable security and solidity and financial system risks," said the FDIC.
crypto evaluation described as a priority for FDIC
The US Federal Deposit Insurance Corporation (FDIC) announced on Monday that the incumbent chairman Martin J. Gruenberg has published the priorities of the FDIC for the coming year.
The FDIC is an independent authority created by the US Congress to maintain the stability and trust of the public in the nation's financial system.
One of the priorities is the "evaluation of crypto-asset risks", the announcement details in which the following is carried out:
The rapid introduction of a variety of crypto-asset or digital asset products in the financial system could bring considerable safety and solidity risks as well as risks to the financial system.
"" It is imperative that the Federal Banking Authorities carefully check and determine the risks issued by these products to what extent banking organizations can safely participate in activities in connection with crypto-assets, "emphasized the authority.
"Insofar as such activities can be carried out in a safe and solid way, the authorities of the banking industry must offer solid guidelines for the Management of supervisory and consumer protection risks that arise from crypto-asset activities," said the FDIC.
In May last year, the FDIC published an information request (RFI) on crypto-assets. The agency explained that it collects information and catches up with comments from interested parties "about the current and potential activities of the insured deposit positions".
jelena McWilliams, which was then chairwoman of the FDIC, said the agency "Lay the foundation for the next chapter of the banking system by ensuring that we have a regulatory framework that causes responsibility innovations". McWilliams said:
digital assets are an area in which we have experienced quick expansion and innovation in recent years. This RFI gives us the opportunity to gain additional insights into the market and what role banks could play in the future.
November last year have the FDIC, the Board of Governors of the Federal Reserve System (FRB) and the Office of the Compotroller of the Currency (OCC) that they work together to set crypto-guidelines for financial institutions.
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