FDIC Crypto Risk Preparedness Critiqued In Inspector General Report
The Federal Deposit Insurance Corporation or FDIC, a federal agency that provides deposit insurance to depositors in US banks, has recently faced mounting pressure to address the potential risks arising from the volatile world of cryptocurrencies. The Office of the Inspector General, responsible for overseeing the FDIC, issued a report on Wednesday emphasizing the urgency […]
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The US Internal Revenue Service needs to overhaul its strategy for bitcoin and other digital currencies, the agency's inspector general (IG) warned in a report released today. Originally prepared by the Treasury Inspector General for Tax Administration (TIGTA) in September, the report casts a gloomy portrait of the US tax agency’s efforts to oversee and tax digital currency transactions. According to the TIGTA, there is "little evidence" that US tax officials have moved to create a broader, more cohesive strategy in the two-and-a-half years since the agency declared its intention....
The Federal Deposit Insurance Corporation (FDIC) has sent a cease and desist letter to five companies, including crypto exchange FTX US. CEO Sam Bankman-Fried explained that FTX does not have FDIC insurance, stating: “We never meant otherwise, and apologize if anyone misinterpreted it … to be clear FTX US isn’t FDIC insured.”
FDIC Orders 5 Firms to Cease and Desist
The Federal Deposit Insurance Corporation (FDIC) issued crypto-related cease and desist orders to five companies Friday. The agency regulates and insures the deposits of FDIC-insured....
The Federal Deposit Insurance Corporation (FDIC) is probing crypto lender Voyager Digital over claims that it is FDIC-insured. The crypto firm previously explained that through its strategic relationships with Metropolitan Commercial Bank, “all customers’ USD held with Voyager is FDIC insured.” Voyager Probed by FDIC The Federal Deposit Insurance Corporation (FDIC) is looking into Voyager Digital Ltd. (TSE: VOYG) and its marketing of deposit accounts for cryptocurrency purchases, Reuters reported Thursday, citing confirmation by an FDIC official. The FDIC is an....
The Federal Deposit Insurance Corp. is advising banks to contact it if they are currently engaged in or intend to engage in cryptocurrency-related activities. The FDIC notes that exposure to crypto assets may pose “safety and soundness hazards, as well as financial stability problems.” The FDIC, the country’s top banking regulator, said lenders considering dabbling […]
Dear Washington DC, It has recently come to my attention that you've misplaced anotherSIX BILLION DOLLARS. This time it was the State Department. Where did it go? The Washington Times reports the Inspector General'saudit uncovering the details that look like gross mismanagement or corruption. Although uncovering mismanagement and fraud is the department's job it can also be politically dangerous. AngryDemocrats turned on this same Inspector General following their report about possible use of the IRS as anintimidation tool to benefit the Obama election. Washington, we've seen this before.....