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ARTICLE · 09 JANUARY 2023

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Federal Banking Regulators Issue Joint Statement On Crypto-Asset Risks To Banking Organizations

Herbert Smith Freehills Kramer LLP
Herbert Smith Freehills Kramer LLP
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Herbert Smith Freehills Kramer LLP

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On Jan. 3, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC)...

United StatesFinance and Banking
Richard Farley
Richard Farley
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On Jan. 3, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) (collectively, the "Agencies") issued a statement on crypto-asset risks to banking organizations.

The Agencies noted that the events of the past year have been marked by significant volatility and the exposure of vulnerabilities in the crypto-asset sector and highlight a number of key risks associated with crypto-assets and crypto-asset sector participants that banking organizations should be aware of, including:

  • Risks of fraud and scams among crypto-asset sector participants
  • Legal uncertainties related to custody practices, redemptions and ownership rights, some of which are currently the subject of legal processes and proceedings

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