The Fed and U.S. regulators have jointly issued warnings about the risks of crypto. cryptocurrency
The Federal Reserve, the Federal Deposit Insurance Corporation , and the Office of the Comptroller of the Currency have jointly issued warnings about crypto risks to banking organizations. “The agencies have significant safety and soundness concerns with business models that are concentrated in crypto-asset-related activities or have concentrated exposures to the crypto-asset sector,” the regulators detailed.
“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,” the statement continues, adding:
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