The FTX breakdown has created an atmosphere of doubt and fear among crypto investors. The crypto market is filled with uncertainty which is reflecting in crypto asset prices.
On January 3rd, 2023, United States Banking regulators alerted traditional banks about imminent crypto hacks, legal uncertainty, cyber scammers and misleading disclosures by crypto firms. After two months of FTX collapse, US regulators showed their concern for banking organizations in a joint statement on Crypto-Asset Risks.
The Federal Reserve, Federal Deposit Insurance Corp and the Office of the Comptroller of the Currency said, “The events of the past year have been marked by significant volatility and the exposure of vulnerabilities in the crypto-asset sector.”
To protect banks from potential risks, regulators have been trying to make rules and guidelines for the utilization of crypto assets over the past six months. Earlier in August, the US Federal Reserve requested that the banking organizations notify
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