• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M
FDIC's crypto asset risk assessment

FDIC's crypto asset risk assessment

user avatar

by Liza Tanasova

2 years ago


The Inspector General's Office (OIG) of the Federal Deposit Insurance Corporation (FDIC), the U.S. government's deposit insurer, has released an evaluation report on the corporation's strategy for handling crypto asset risks. In early 2022, the FDIC adopted a "bottom-up" approach to assess crypto risks by understanding the activities of supervised institutions, offering tailored supervisory feedback, and providing industry-wide guidance in collaboration with other agencies.

As of January 2023, 96 institutions expressed interest in or reported their current crypto asset activities to the FDIC. While the report doesn't reveal how many institutions received feedback, some were advised to temporarily suspend crypto-related activities until the FDIC assessed the risks.

The evaluation found that the FDIC had initiated the development of strategies for managing crypto asset risks but had not assessed their significance or potential impact. It hadn't determined if issuing guidance to supervised institutions would be sufficient to address these risks.

The OIG recommended that the FDIC document risk assessments, evaluate their significance, and create risk mitigation strategies, including guidance. Additionally, the process for providing feedback in response to the FDIC's letter was unclear, with no defined timeframe for reviews or completion. The OIG considered these recommendations as not significant and noted the FDIC's concurrence with the recommendations, with corrective actions planned for completion by January 2024.

Inspector generals at U.S. federal agencies ensure transparency and accountability through independent audits, evaluations, and investigations.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

Other news

Ripple and BNY Mellon: Strengthening RLUSD Stablecoin Partnership

chest

Ripple appoints BNY Mellon to custody RLUSD reserves, enhancing stability and liquidity for the stablecoin valued at $500 million.

user avatarGiorgi Kostiuk

Truth Social Seeks Approval for New Crypto ETF Featuring Bitcoin and Ethereum

chest

Truth Social has filed with the SEC for a crypto ETF, including Bitcoin, Ethereum, and others, potentially impacting the market.

user avatarGiorgi Kostiuk

US Supreme Court Approves Trump's Job Cuts Plan

chest

Supreme Court approved Trump's workforce reduction plan, with no direct impact on cryptocurrency market identified.

user avatarGiorgi Kostiuk

Ripple Appoints BNY Mellon as Primary Custodian for RLUSD Reserves

chest

Ripple has appointed BNY Mellon as the primary custodian for RLUSD reserves, enhancing trust in its stablecoin initiative.

user avatarGiorgi Kostiuk

Legislation Proposing Sanctions on El Salvador Due to Bitcoin and Human Rights Violations

chest

U.S. Senators proposed a bill that could impose sanctions on El Salvador for its Bitcoin holdings and alleged human rights abuses.

user avatarGiorgi Kostiuk

Fidelity and BlackRock Drive $80 Million Bitcoin ETF Inflows

chest

Fidelity and BlackRock show rising institutional interest in Bitcoin with an $80 million net inflow.

user avatarGiorgi Kostiuk
dapp expert logo
© 2020-2025. DappExpert. All rights reserved.
© 2020-2025. DappExpert. All rights reserved.

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.