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Bank Regulators Issue Joint Statement on Crypto-Asset Risks
January 5, 2022On the first business day of the year, January 3, 2023, the Board of Governors of the Federal Reserve System (“the Fed”), the Federal Deposit Insurance Corporation (“FDIC”) and the Office of the Comptroller of the Currency (“OCC”), the nation’s primary banking regulators, came together to issue a Joint Statement on Crypto-Asset Risks to Banking Organizations. Striking in its tone and issued “given the significant risks highlighted by the recent failures of several large crypto-asset companies,” the purpose of the statement is to ensure that banks do what they can to ensure “that risks to the crypto-asset sector that cannot be mitigated or controlled do not migrate to the banking systems.”
