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The FDIC wants US banks to report on current and intended crypto-related activities

Cryptocurrency Apr 07, 2022 07:00PM ET
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The FDIC wants US banks to report on current and intended crypto-related activities

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 letter, “It is difficult for institutions, as well as the FDIC, to adequately assess the safety and soundness, financial stability, and consumer protection implications without considering each crypto-related activity on an individual basis.”

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The FDIC wants US banks to report on current and intended crypto-related activities
 

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