A top US banking regulator is prioritizing the risk evaluation of crypto asset-related activities in 2022.
In a new statement, acting chairman of the Federal Deposit Insurance Corporation (FDIC) Martin J. Gruenberg says that the rapid introduction of crypto assets into the financial system poses “significant” risks.
Track live crypto price of 10000+ coins!
The chairman says crypto evaluation represents one of the “key priorities” for the FDIC this year.
“It is imperative that the federal banking agencies carefully consider the risks posed by these products and determine the extent to which banking organizations can safely engage in crypto-asset-related activities.
To the extent such activities can be conducted in a safe and sound manner, the agencies will need to provide robust guidance to the banking industry on the management of prudential and consumer protection risks raised by crypto asset activities.”
In January, FDIC Chair Jelena McWilliams said the agency was working alongside the Federal Reserve and the Office of the Comptroller of the Currency to develop a clear and coordinated set of rules that will allow US banks to enter the realm of digital assets.
“I think that we need to allow banks in this space, while appropriately managing and mitigating risk
If we don’t bring this activity inside the banks, it is going to develop outside of the banks… The federal regulators won’t be able to regulate it.”
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/prodigital art/Natalia Siiatovskaia