• 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

Bullish, the Crypto Exchange Backed by Peter Thiel, Prepares for IPO

chest

Bullish has filed for IPO, seeking to enter the public market and compete with major players.

user avatarGiorgi Kostiuk

USDC Use on Stellar and Its Impact on XLM Value

chest

Statistics show a rise in USDC transactions on Stellar, indicating growing utility that fuels speculation on XLM prices.

user avatarGiorgi Kostiuk

Litecoin Records New Open Interest at $761 Million. Is LTC Heading to $120?

chest

Litecoin has reached a new record open interest of $761 million, and 66.3% of addresses are in profit, raising hopes for a price increase to $120.

user avatarGiorgi Kostiuk

World Liberty Announces WLFI Token Launch Valued at $16 Billion

chest

WLFI token by World Liberty plans to debut with a $16 billion valuation, with significant backing from DT Marks DEFI LLC.

user avatarGiorgi Kostiuk

Impact of GENIUS Act: Trump Establishes Federal Stablecoin Guidelines

chest

President Trump has signed the GENIUS Act, establishing federal regulations for stablecoins and impacting the U.S. crypto landscape.

user avatarGiorgi Kostiuk

New Opportunities in the Meme Cryptocurrency Market: Troller Cat Gaining Popularity

chest

Exploring the rise of Troller Cat amid shifts in meme cryptocurrencies and the current status of Shiba Inu and Pepe.

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.