Last week, the Federal Deposit Insurance Corporation (FDIC), an agency created by Congress to maintain the financial system stability and public confidence, issued a letter. Institutions that come under the FDIC’s supervision must notify the agency ‘promptly’ before engaging in any digital asset-related activity, according to the letter.
“As a result of the dynamic nature of crypto-related activities, 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. Therefore, the FDIC is requesting all FDIC-supervised institutions that are considering engaging in crypto-related activities to notify the FDIC of their intent and to provide all necessary information that would allow the FDIC to engage with the institution regarding related risks,” wrote FDIC.
“Any FDIC-supervised institution that is already engaged in crypto-related activities should promptly notify the FDIC. Institutions notifying the FDIC are also encouraged to notify their state regulator,” FDIC added.
The FDIC is the major federal supervisor for state-chartered banks and savings institutions that are not members of the Federal Reserve System, as well as the insurer for all insured depository institutions (IDIs) in the United States.
There were 3,122 FDIC-supervised institutions and 4,839 FDIC-insured institutions as of December 31, 2021. There were 2,816 commercial banks and 306 savings institutions supervised by the FDIC.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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