The FDIC wants US banks to report on current and intended crypto-related acti...
The U.S. bank insurer has concerns over the ability of the institutions it supervises to assess crypto risks adequately, and it’s none too sure about its own abilities. The Federal Deposit Insurance Corporation, the United States government corporation that insures depositors at U.S. commercial and savings banks, issued a financial institution letter Thursday. The letter requests the institutions supervised by the agency to notify the appropriate regional director of their activities with crypto-related assets or their intentions to engage in crypto-related activities. According to the....
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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 […]
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 […]
The U.S. Federal Deposit Insurance Corporation (FDIC) has asked thousands of banks and other financial institutions it supervises to declare existing crypto activities and any plans they have to engage in crypto activities in the future. Banks to Disclose Crypto Plans to FDIC The Federal Deposit Insurance Corporation (FDIC), an agency created by Congress to maintain stability and public confidence in the U.S. financial system, announced Thursday: The FDIC is requesting all FDIC-supervised institutions that are considering engaging in crypto-related activities to notify the FDIC of their....
Sen. Pat Toomey says he has information from whistleblowers that the FDIC, without a legal basis, is discouraging banks from dealing with companies that have crypto links. Pennsylvania Senator Pat Toomey, ranking member of the United States Senate Banking Committee, has sent a letter to Federal Deposit Insurance Corporation (FDIC) director and acting chairman Martin Gruenberg informing him of allegations made by a whistleblower concerning FDIC activities. The senator suspects the FDIC “may be improperly taking action to deter banks from doing business with lawful cryptocurrency-related....
The government agency had previously stated that deposits at non-bank entities, including crypto firms, are not covered by FDIC insurance. The Federal Deposit Insurance Corporation (FDIC) has issued cease and desist letters to five companies for allegedly making false representations about deposit insurance related to cryptocurrencies.FDIC issued a Friday press release disclosing cease and desist letters for cryptocurrency exchange FTX US and websites SmartAssets, FDICCrypto, Cryptonews and Cryptosec. In the letters, which were issued on Thursday, the government agency alleges that these....