FDIC sees risks to the financial system in adopting cryptocurrencies

Cryptocurrencies and the assessment of risks related to them have become among the top priorities for the FDIC’s work in 2022, Acting Chairman Martin J. Gruenberg said.

Today Acting Chairman Martin J. Gruenberg outlined priority policy areas for the agency in 2022. Read more: https://t.co/7oTAI1CK2P pic.twitter.com/yHgqJYqp2w

— FDIC (@FDICgov) February 7, 2022

“Rapid deployment of various crypto assets or related products into the financial system could create significant risks to the safety and soundness of the financial system,” the statement said.

Gruenberg said regulators must take the risks into account and determine how safe it is for supervised institutions to work with digital assets. Federal agencies should provide the industry with “reliable guidance,” he added.

Among other priorities for the year are addressing financial risks related to climate change, and promoting amendments to key federal statutes relevant to the department’s jurisdiction.

Earlier, the USDF Consortium announced plans to promote a “regulated” stablecoin.

Earlier in May 2021, an interagency sprint began with the participation of the Fed, FDIC and the OCC, which will continue into 2022. The result of these efforts will be definition of responsibilities for each regulator and the establishment of a mechanism for cooperation.

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