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The Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) have jointly issued warnings about crypto risks to banking organizations. “The agencies have significant safety and soundness concerns with business models that are concentrated in crypto-asset-related activities or have concentrated exposures to the crypto-asset sector,” the … Read more
The Office of the Comptroller of the Currency (OCC) said the digital asset industry was maturing but was “not yet robust” in its risk management. Go to Source Powered by WPeMatico
The announcement of one-on-one discussions with the OCC followed the department saying it planned to establish an Office of Financial Technology starting in 2023. Go to Source Powered by WPeMatico
Michael Hsu stated that it is starting to worry him that “we’re not spending that time and attention on some other things,” like fintech, which he described as the “future.” Go to Source Powered by WPeMatico
According to Michael Hsu, representatives from the crypto industry as well as within the U.S. government could work toward setting standards on stablecoins. Go to Source Powered by WPeMatico
The future of crypto adoption will largely depend on which of the competing narratives about digital assets and blockchain’s environmental effects prevails. Go to Source Powered by WPeMatico
A group of U.S. banking regulators is working on how banks can be allowed to offer crypto services and hold cryptocurrencies on their balance sheets. The chairman of the Federal Deposit Insurance Corporation (FDIC) said, “If we don’t bring this activity inside the banks, it is going to develop outside of the banks … The … Read more
“I don’t think I’ve ever seen a more radical choice for any regulatory spot in our federal government,” said Senator Pat Toomey. Go to Source Powered by WPeMatico
Texas Senator Ted Cruz is among a number of politicians and bankers that are opposed to the nomination of Saule Omarova. Go to Source Powered by WPeMatico
While crypto has been mostly weathered past hacks, scams, and crashes, acting OCC head Michael Hsu warns the risks may be multiplying as the technology goes mainstream. Go to Source Powered by WPeMatico