Crypto News

Federal Reserve, FDIC and OCC warn banks about cryptocurrency risks

WASHINGTON – A group of powerful banking regulators on Tuesday highlighted what they believe is a litany of risks arising from cryptocurrencies emerged and expressed skepticism that the assets could be safely held by the financial institutions they supervise.
The Federal Reserve, the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency said that recent failures by major crypto firms led them to take a cautious look at banks’ proposals to enter the market. They highlighted fraud and fraud, market volatility, legal uncertainty, and weak risk management and governance practices at crypto firms, among others, as causes for concern.

Source: Crypto News Deutsch

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