The United States Federal Reserve's Board of Governors, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) issued on Tuesday a joint statement in which they warned banks to be cautious about the key risks operations with cryptocurrencies could attract.
Among those highlighted were the risk of fraud and scams, "legal uncertainties related to custody practices, redemptions, and ownership rights," companies' misleading claims, and "significant volatility in crypto-asset markets." The three added that banks should not be discouraged to work with cryptocurrencies but simply careful in such dealings.
"The agencies are continuing to assess whether or how current and proposed crypto-asset-related activities by banking organizations can be conducted in a manner that adequately addresses safety and soundness, consumer protection, legal permissibility, and compliance with applicable laws and regulations, including anti-money laundering and illicit finance statutes and rules," the statement concluded.
