The Inspector General’s Office (IG) of the FDIC recently published an evaluation report on the FDIC’s crypto risk assessment process to be insufficient.
The Inspector General’s Office (IG) released an evaluation report on the Federal Deposit Insurance Corporation’s (FDIC) crypto risk strategy and found it inadequate. The FDIC is an independent US government body that provides deposit insurance to commercial and savings banks.
FDIC Strategies Related to Crypto-Asset Risks: FDIC has started to develop & implement strategies to address crypto-asset risks; hasn’t assessed significance & potential impact of risks, and feedback process to supervised banks is unclear. 2 recs. https://t.co/GRce5uG1By pic.twitter.com/7rmRGYJwk3
— FDIC OIG (@FDIC_OIG) October 18, 2023
IG Finds FDIC’s Report Inadequate
The IG is responsible for overseeing the FDIC’s performance and, in its report, highlighted concerns with the Corporation’s readiness to address the significance and
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