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  4. Federal Reserve Releases Statement on Crypto-Asset Risks to Banks
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Federal Reserve Releases Statement on Crypto-Asset Risks to Banks

The Federal Reserve, FDIC, and OCC published a statement to alert banks about crypto risks.The statement claimed significant volatility and the absence of governance mechanisms...
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Federal Reserve Releases Statement on Crypto-Asset Risks to Banks Federal Reserve Releases Statement on Crypto-Asset Risks to Banks

  • The Federal Reserve, FDIC, and OCC published a statement to alert banks about crypto risks.

  • The statement claimed significant volatility and the absence of governance mechanisms as a big risk in the crypto sector.

  • The agencies will be monitoring banks engaging in crypto activities.

The Board of Governors of the Federal Reserve System (Federal Reserve), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) jointly publish a statement concerning crypto-asset-related risks for banking organizations.

In light of increased volatility in the cryptocurrency sector in 2022, the agencies have released a list of risks that banks should be aware of before dealing with digital commodities. These included risks of fraud and scams among crypto-asset sector participants, alongside legal uncertainties related to custody practices, redemptions, and ownership rights.

The listicle further establishes inaccurate or misleading representations and disclosures by crypto-asset companies, including misrepresentations regarding federal deposit insurance, and other practices a risk, and harmful to retail and institutional investors, customers, and counterparties.

Significant volatility, lack of governance mechanisms establishing oversight of the system, and the absence of contracts or standards to clearly establi ...

The post Federal Reserve Releases Statement on Crypto-Asset Risks to Banks appeared first on Coin Edition.

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01-05-2024 10:45:17 (UTC+7)

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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