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ARTICLE · 10 JANUARY 2023

Federal Banking Regulators Start 2023 By Highlighting Crypto-Related Risks

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On January 3, 2023, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency...

United StatesFinance and Banking
Anand Sithian
Anand Sithian

On January 3, 2023, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency (the "Federal Banking Regulators" or "Agencies") issued a Joint Statement ("Joint Statement") highlighting key risks for banking organizations associated with crypto-assets and the crypto-asset sector.

The Joint Statement notes the marked volatility of crypto-assets and crypto-related exposure in 2022, and highlights, among others, the following risks banking organizations should be aware of:

  • Risk of fraud and scams among crypto-asset sector participants;
  • Legal uncertainties related to custody practices, including ownership rights of crypto-assets, which the Federal Banking Regulators note is an issue currently subject to litigation;

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