The Federal Deposit Insurance Corporation (FDIC) has put assessing crypto-asset risks at the top of its priority list for the coming year.
In a statement, Acting Chairman Martin Gruenberg unveiled the regulator’s 2022 goals. Thereby, noting that each will necessitate tight collaboration among federal financial agencies. In addition to examining crypto threats, the priorities include strengthening the Community Reinvestment Act. Thereby, addressing financial risks presented by climate change, reviewing the bank merger process, and finishing the Basel III Capital Rule.
According to the FDIC, the fast integration of digital assets into the current financial system. Of course, could pose major dangers to its safety and soundness.
“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,” said the statement.
Former FDIC chair Jelena McWilliams stated in October of last year that the agency was working on developing “clear advice” for the convergence of crypto and banking. She praised the FDIC’s, the Office of the Comptroller of the Currency’s (OCC). Then, and the Federal Reserve’s cooperation on crypto regulation, citing a so-called “sprint” between the FDIC, the OCC, and the Federal Reserve.
McWilliams has since resigned as chair of the Federal Deposit Insurance Corporation (FDIC). She had serious conflicts with her colleagues about the FDIC’s merger approval procedure in the months leading up to her resignation. Her leaving statement, however, made no mention of the matter. As of February 5, Gruenberg has stepped in to fill the vacancy.
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