FDIC Says Crypto Adoption Poses Risks to Financial System
The FDIC acting chairman Martin Gruenberg has said cryptos and the assessment of the risks associated with them have been among the top priorities in the work of the FDIC for this year. According to the statement:
“The rapid introduction of various crypto assets or related products into the financial system could pose significant risks to the security and soundness of the financial system.”
According to Gruenberg, regulators should “be sure” to take into account the risks and determine how safe it is for regulated institutions to work with digital assets. Federal agencies should provide the industry with “reliable guidance.”
Other areas of work for the current year include addressing the financial risks associated with climate change and advancing amendments to key federal laws relevant to the department’s jurisdiction.