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FDIC Acting Chairman Names Crypto As Top Priority for Risk Evaluation in 2022

A top US banking regulator is prioritizing the risk evaluation of crypto asset-related activities in 2022.

In a new statement, acting chairman of the Federal Deposit Insurance Corporation (FDIC) Martin J. Gruenberg says that the rapid introduction of crypto assets into the financial system poses “significant” risks.

The chairman says crypto evaluation represents one of the “key priorities” for the FDIC this year.

“It is imperative that the federal banking agencies carefully consider the risks posed by these products and determine the extent to which banking organizations can safely engage in crypto-asset-related activities.

To the extent such activities can be conducted in a safe and sound manner, the agencies will need to provide robust guidance to the banking industry on the management of prudential and consumer protection risks raised by crypto asset activities.”

In January, FDIC Chair Jelena McWilliams said the agency was working alongside the Federal Reserve and the Office of the Comptroller of the Currency to develop a clear and coordinated set of rules that will allow US banks to enter the realm of digital assets.

“I think that we need to allow banks in this space, while appropriately managing and mitigating risk

If we don’t bring this activity inside the banks, it is going to develop outside of the banks… The federal regulators won’t be able to regulate it.”