The U.S. Federal Deposit Insurance Corporation (FDIC) has included cryptoasset risk assessment on its 2022 priority list.
Acting FDIC Chairman Martin Gruenberg said the work “will require close cooperation among federal banking agencies.”
The FDIC believes that the rapid integration of crypto assets or digital asset products into the current financial system can create significant risks to its security and reliability.
Grunberg believes that federal banking agencies have an obligation to carefully study the potential risks of crypto-currency products in order to understand how safe it is for banks to engage in activities related to crypto-assets:
“To the extent that such activities can be carried out in a safe and secure manner, agencies will need to provide the banking industry with sound guidance on how to manage prudential and consumer protection risks arising from transactions involving crypto assets.”
In January 2022, five U.S. banks teamed up to form the USDF Consortium to issue a USDF-pegged stablecoin. Since banks are insured by the FDIC, they believe that USDF holders should be eligible for pass-through insurance that protects bank depositors from losses of up to $250,000 in the event of a bank failure. The FDIC has not yet answered the question of whether stablecoin deposits qualify for such asset insurance.
Source: Bits
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