Fed and Bank Regulators Issue Warning Over 'Significant' Risks of Crypto AssetsThe Fed, FDIC, and the Office of the Comptroller of the Currency (OCC) published a statement warning of "significant" risks posed by crypto assets.
BySteve Huff•
On Tuesday, the Federal Reserve, FDIC, and OCC released ajoint statementon the risks posed bycrypto资产。在other things, the statement addressed dangers to banks, such as fraud, inaccurate or misleading representations by crypto companies, and market volatility.
According to the agencies, "risks related to the crypto-asset sector that cannot be mitigated or controlled do not migrate to the banking system." The statement said they are cautiously approaching crypto-assets due to several large crypto-asset companies' significant risks and failures (seeFTX). The Fed, FDIC, and OCC also said they are evaluating proposed crypto-asset activities and exposures at each banking organization to ensure maximum consumer protection as well as crypto compliance with existing laws.
该声明提出当前加密的担忧currency, including legal questions surrounding redemptions and proper crypto asset custody procedures. The statement was published shortly before disgraced FTX crypto exchange co-founderSam Bankman-Fried, who faces over 100 years in prison if convicted, entered a not guilty plea to charges including conspiracy, wire fraud, and securities fraud.
While the agencies made a point of saying that banking "organizations are neither prohibited nor discouraged from providing banking services to customers of any specific class or type, as permitted by law or regulation," they also stated that they "will continue to closely monitor crypto-asset-related exposures of banking organizations."
One thing was clear, despite the equivocations: the Fed,FDIC, and OCC see decentralized systems as akin to a minefield full of peril for uninformed investors:
Heightened risks associated with open, public, and/or decentralized networks, or similar systems, including, but not limited to, the lack of governance mechanisms establishing oversight of the system; the absence of contracts or standards to clearly establish roles, responsibilities, and liabilities; and vulnerabilities related to cyber-attacks, outages, lost or trapped assets, and illicit finance.
