Washington (awp/afp) – The US central bank (Fed) and two US regulators alerted the US banking sector on Tuesday to the risks associated with cryptocurrency activity, nearly two months following the fall of the industry giant, FTX.
For commercial banks, activity related to cryptocurrencies is “most likely incompatible with safe and sound banking practices”, indicate in a joint press release the Fed, the federal body responsible for guaranteeing bank deposits (FDIC) and the OCC. , which oversees two-thirds of the US banking system.
Thus, “given the significant risks highlighted by the recent failures of several large crypto-asset companies, the agencies continue to take a cautious and careful approach regarding the current or contemplated activities and exposures to crypto-assets in each banking organization”, they add.
The Fed, FDIC and OCC consider it “important that risks in the crypto-asset sector that cannot be mitigated or controlled, do not migrate to the banking system”.
However, banks remain authorized to provide their customers with services related to these assets.
US Treasury Secretary Janet Yellen had vigorously pleaded in mid-November for “more effective surveillance” of the cryptocurrency market, immediately following the rout of the FTX trading platform. Several Fed officials had also wanted regulation of the sector.
In addition, the Biden administration is still working on whether or not to create a cryptodollar, which presents many advantages and opportunities, but also risks.
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