{"id":534638,"date":"2023-01-04T01:16:49","date_gmt":"2023-01-03T22:16:49","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/us-federal-agencies-release-joint-statement-on-crypto-asset-risks-and-safe-practices\/"},"modified":"2023-01-04T01:16:49","modified_gmt":"2023-01-03T22:16:49","slug":"us-federal-agencies-release-joint-statement-on-crypto-asset-risks-and-safe-practices","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/us-federal-agencies-release-joint-statement-on-crypto-asset-risks-and-safe-practices\/","title":{"rendered":"# US federal agencies release joint statement on crypto asset risks and safe practices"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 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-6a2f4f1e4c79c\" 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-6a2f4f1e4c79c\" 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\/us-federal-agencies-release-joint-statement-on-crypto-asset-risks-and-safe-practices\/#%E2%80%9D_US_federal_agencies_release_joint_statement_on_crypto_asset_risks_and_safe_practices_%E2%80%9C\" >&#8221; US federal agencies release joint statement on crypto asset risks and safe practices &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_US_federal_agencies_release_joint_statement_on_crypto_asset_risks_and_safe_practices_%E2%80%9C\"><\/span>&#8221; US federal agencies release joint statement on crypto asset risks and safe practices &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDEvZjlmMzhiN2UtZTkxOS00MWNhLWI3MmMtYTkzYzY3YWMzZmU0LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-6ed77c39>United States federal bank regulatory agencies started off the new year with a statement on crypto assets looking back at the troubles of the crypto sector in 2022. The Federal Reserve, Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) released a joint statement on Jan. 3 on past problems and their efforts to maintain sound banking practices in spite of those challenges.<\/p>\n<p>\u201cIt is important that risks related to the crypto-asset sector that cannot be mitigated or controlled do not migrate to the banking system,\u201d the agencies stated. They identified eight specific risks, including fraud, volatility, contagion and similar familiar issues. <\/p>\n<p><strong><em>Related:\u00a0<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>roach with caution: US banking regulator\u2019s crypto warning<\/em><\/strong><\/p>\n<p>The agencies also noted that, \u201cBanking organizations are neither prohibited nor discouraged from providing banking services to customers of any specific class or type, as permitted by law or regulation,\u201d but took aim squarely at the sector with a stark warning:<\/p>\n<blockquote><p>\u201cBased on the agencies\u2019 current understanding and experience to date, the agencies believe that issuing or holding as principal crypto-assets that are issued, stored, or transferred on an open, public, and\/or decentralized network, or similar system is highly likely to be inconsistent with safe and sound banking practices.\u201d <\/p><\/blockquote>\n<p>The statement hinted at the state of crypto regulation in the United States and the possibility of it changing with references to agencies\u2019 \u201ccase-by-case approaches to date\u201d:<\/p>\n<blockquote><p>\u201cThrough the agencies\u2019 case-by-case approaches to date, the agencies continue to build knowledge, expertise, and understanding of the risks crypto-assets may pose to banking organizations, their customers, and the broader U.S. financial system.\u201d <\/p><\/blockquote>\n<p>All of the banking regulatory agencies have expressed misgivings about crypto before. Their attitudes are not monolithic, however. A representative of the FDIC has spoken positively of stablecoins, for example. The OCC has taken steps recently to engage more actively with fintech, and the Fed has taken an active, if noncommittal, interest in central bank digital currency.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">1\/ The Federal Reserve, the FDIC and the OCC just released this devastating Joint Statement on Crypto-Asset Risks to Banking Organizations. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/nvmpg0Qpf4\">https:\/\/t.co\/nvmpg0Qpf4<\/a><\/p>\n<p>\u2014 Margaret Rosenfeld (@RosenfeldM) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/RosenfeldM\/status\/1610364733714059267?ref_src=twsrc%5Etfw\">January 3, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/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\/us-federal-agencies-release-joint-statement-on-crypto-asset-risks-and-safe-practices\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; US federal agencies release joint statement on crypto asset risks and safe practices &#8220; United States federal bank regulatory agencies started off the new year with a statement on crypto assets looking back at the troubles of the crypto sector in 2022. The Federal Reserve, Federal Deposit Insurance Corporation (FDIC) and the Office of&#8230;<\/p>\n","protected":false},"author":1,"featured_media":534639,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/f9f38b7e-e919-41ca-b72c-a93c67ac3fe4.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74888,75022,71939,70934],"class_list":["post-534638","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-banking","tag-central-bank","tag-banks","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/534638","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=534638"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/534638\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/534639"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=534638"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=534638"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=534638"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}