FDIC included evaluating cryptocurrency risks on 2022 priorities list

According to the regulator, the rapid integration of digital assets into the existing financial system can create risks to its security

08.02.2022 - 13:10

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What’s new? The Federal Deposit Insurance Corporation (FDIC) has included an assessment of crypto-asset risks on its list of priorities for this year. Acting Chairman Martin Gruenberg announced the regulator’s priorities for 2022, noting that each of them will require close collaboration among the federal banking agencies.

Press release on the FDIC website

What does the document say? Among the priorities are strengthening the Community Reinvestment Act, addressing financial risks associated with climate change, reviewing the bank mergers, and finalizing the Basel III capital rule in addition to assessing cryptocurrency risks. According to the FDIC, the rapid integration of digital assets into the existing financial system can pose significant risks to its security and sustainability.

What had happened before? Last October, the previous FDIC Chair Jelena McWilliams stated that the agency is focused on creating clear guidelines for the intersection of cryptocurrencies and banking. She noted the collaboration among the US banking regulators, the FDIC, the Office of the Comptroller of the Currency (OCC), and the Federal Reserve System.

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