"WASHINGTON -- A group of powerful bank regulators on Tuesday highlighted what they said were a litany of risks stemming from cryptocurrencies and expressed skepticism that the assets can be safely held by the financial institutions they oversee.
The Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency said that recent failures of major crypto firms led the regulators to exercise caution in reviewing banks' proposals to engage with the market.
They highlighted fraud and scams, market volatility, legal uncertainty, and weak risk-management and governance practices at crypto firms, among other things, as reasons for concern.
"It is important that risks related to the crypto-asset sector that cannot be mitigated or controlled do not migrate to the banking system," the regulators said in a joint statement. Based on their experience, they said, issuing or holding cryptocurrencies "is highly likely to be inconsistent with safe and sound banking practices."" [1]
1. Bank Regulators Warn of Big Risks
Kiernan, Paul. Wall Street Journal, Eastern edition; New York, N.Y. [New York, N.Y]. 04 Jan 2023: B.2.
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