The Board of Governors of the Federal Reserve System (Federal Reserve), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) (collectively, the agencies) are issued “Joint Statement on Crypto-Asset Risks to Banking Organizations” on January 3rd, 2023.
The events of the past year have been marked by significant volatility and the exposure of vulnerabilities in the crypto-asset sector. These events highlight a number of “key risks” associated with crypto-assets and crypto-asset sector participants that banking organizations should be aware of.
“Key-risks” associated with the crypto industry
This includes risk of fraud among crypto-asset sector participants, legal uncertainties related to custody practices, redemptions, and ownership rights, inaccurate representations and disclosures by crypto firms, Significant volatility in crypto-asset markets, Susceptibility of stablecoins to run risk, contagion risk within the crypto-as
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