{"id":510704,"date":"2022-11-16T12:11:56","date_gmt":"2022-11-16T09:11:56","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/fdic-to-prioritize-crypto-risk-assessment-as-banks-perform-poorly-in-q2\/"},"modified":"2022-11-16T12:11:56","modified_gmt":"2022-11-16T09:11:56","slug":"fdic-to-prioritize-crypto-risk-assessment-as-banks-perform-poorly-in-q2","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/fdic-to-prioritize-crypto-risk-assessment-as-banks-perform-poorly-in-q2\/","title":{"rendered":"# FDIC to prioritize crypto risk assessment as banks perform poorly in Q2"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3dbe3d4a8a3\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3dbe3d4a8a3\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/fdic-to-prioritize-crypto-risk-assessment-as-banks-perform-poorly-in-q2\/#%E2%80%9D_FDIC_to_prioritize_crypto_risk_assessment_as_banks_perform_poorly_in_Q2_%E2%80%9C\" >&#8221; FDIC to prioritize crypto risk assessment as banks perform poorly in Q2 &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_FDIC_to_prioritize_crypto_risk_assessment_as_banks_perform_poorly_in_Q2_%E2%80%9C\"><\/span>&#8221; FDIC to prioritize crypto risk assessment as banks perform poorly in Q2 &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvY2ZlYmExMDYtY2Y3Ny00Yjg1LTlkMzctNzBiMTA1ZWY3Yzc1LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-887bb764>Economic uncertainty amid geopolitical tensions, rising interest rates and slowing economic growth have put a strain on the United States financial system. Reacting to the massive losses reported by the traditional banks in Q2 2022, the Federal Deposit Insurance Corporation (FDIC) decided to prioritize five key policies this year, which include evaluating the risks of crypto assets to the banking system.<\/p>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fdic.gov\/news\/speeches\/2022\/spnov1522.html\">Addressing<\/a> the Senate Banking Committee at a recent\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fdic.gov\/news\/speeches\/2022\/spnov1522.html\">hearing<\/a>\u00a0, FDIC acting chairman Martin J. Gruenberg highlighted the moderate decline in net income of banks in Q1 and Q2 2022 owing to an increase in loan balances and provision expense while stating that no banks failed in the past two years.<\/p>\n<p>With banks reporting $470 billion in unrealized losses and FDIC foreseeing the continuation of this trend, Gruenberg believed banks must cautiously engage in crypto-asset activities. He acknowledged the accelerated interest in crypto despite a bear market while confirming FDIC\u2019s intent to better understand the crypto risks with the help of banks:<\/p>\n<blockquote><p>\u201cThe FDIC will continue to work with our supervised banks to ensure that any crypto-asset-related activities that they engage in are permissible banking activities that can be conducted in a safe and sound manner and in compliance with existing laws and regulations.\u201d<\/p><\/blockquote>\n<p>This year, the FDIC issued cease and desist orders to crypto firms spewing misleading statements to investors and parallelly reminded insured banks of the risks that could arise related to such misrepresentations. <\/p>\n<p>In his written testimony, Gruenberg also brought up the numerous crypto ecosystem collapses that have left investors underwater. He further highlighted the importance of stablecoins in trading various crypto\u2013assets and how federal financial regulators plan to carefully assess related policies.<\/p>\n<p>\u201cHowever, the distributed ledger <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> upon which they (stablecoins) are built may prove to have meaningful <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>lications and public utility within the payments system,\u201d Gruenberg concluded.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>FDIC acting chair says no crypto firms or tokens are backed by agency<\/em><\/strong><\/p>\n<p>On Nov. 14, U.S. President Joe Biden confirmed nominating Gruenberg to assume the FDIC Chairman position as part of a five-year term. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Gruenberg has spent his career fighting for consumers and is well equipped to defend the banking system from new &amp; existing threats.<\/p>\n<p>Under his leadership, I am confident that the FDIC will work to ensure that banks serve the needs of American families, not just bank executives.<\/p>\n<p>\u2014 Elizabeth Warren (@SenWarren) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/SenWarren\/status\/1592251131153231872?ref_src=twsrc%5Etfw\">November 14, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Owing to majority control of the Democratic Party, Biden may be able to see his pick go through without partisan obstructionism.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/fdic-to-prioritize-crypto-risk-assessment-as-banks-perform-poorly-in-q2\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; FDIC to prioritize crypto risk assessment as banks perform poorly in Q2 &#8220; Economic uncertainty amid geopolitical tensions, rising interest rates and slowing economic growth have put a strain on the United States financial system. Reacting to the massive losses reported by the traditional banks in Q2 2022, the Federal Deposit Insurance Corporation (FDIC)&#8230;<\/p>\n","protected":false},"author":1,"featured_media":510705,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvY2ZlYmExMDYtY2Y3Ny00Yjg1LTlkMzctNzBiMTA1ZWY3Yzc1LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75269,74355,71939,70934,70289,67874],"class_list":["post-510704","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-us-government","tag-adoption","tag-banks","tag-regulation","tag-senate","tag-united-states"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/510704","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=510704"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/510704\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/510705"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=510704"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=510704"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=510704"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}