The U.S. Office of the Comptroller of the Currency (OCC) is issuing a joint statement with the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) urging US banks to be more cautious of risks related to crypto.
d' Ausso comes two months following the collapse of the crypto exchange FTX, which left many investors unable to withdraw their funds.
The digital asset Terra (LUNA) and crypto companies Three Arrows Capital (3AC) and Celsius Network also saw their demise in 2022.
"D'Evenementer vum leschte Joer sinn duerch bedeitend Volatilitéit an der Belaaschtung vu Schwachstelle am Krypto-Asset Secteur markéiert. Dës Eventer markéieren eng Zuel vu Schlësselrisiken, déi mat Krypto-Verméigen a Krypto-Asset Secteur Participanten verbonne sinn, op déi Bankenorganisatiounen sech bewosst solle sinn.
As the collapse of large crypto companies underscores the significant risks in the industry, the agencies say that they will continue to carefully and cautiously approach current and proposed crypto-related activities and exposures of banks.
"Et ass wichteg datt d'Risiken am Zesummenhang mam Krypto-Asset Secteur, déi net kënne reduzéiert oder kontrolléiert kënne ginn, net an de Bankesystem migréieren."
The Fed, OCC and the FDIC also say they have significant safety and soundness concerns with crypto-focused business models and those with concentrated exposure to the new asset class.
“Based on the agencies’ current understanding and experience to date, the agencies believe that issuing or holding as principal crypto-assets that are issued, stored, or transferred on an open, public, and/or decentralized network, or similar system is highly likely to be inconsistent with safe and sound banking practices.”
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Source: https://dailyhodl.com/2023/01/05/top-us-regulators-warn-american-banks-to-keep-an-eye-on-crypto-related-risks/