The banking regulator wants U.S. banks to report whether they are trading cryptocurrencies or intend to do so.
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A U.S. government agency that regulates the activity of U.S. banks is sounding alarm bells about digital assets.
The Federal Deposit Insurance Corporation (FDIC) has asked banks to report on their cryptocurrency-related activities in a letter in which it warns of potential risks and notes some concerns about the use of such assets. The agency also asked banks that do not yet operate with digital currencies to indicate whether they intend to do so.
The FDIC sent the letter to the CEOs of banks under its supervision on Thursday of this week, according to media reports. CoinDesk y Decrypt . In the document, the regulator requests that the banks notify their FDIC regional director of their current and future digital digital technologies are these electronic tools that have the ability to generate, store or even process data. asset activities.
“ Cryptocurrency-related activities can pose significant safety and soundness risks, as well as financial stability and consumer protection concerns “The agency argued at length about these risks before justifying its request:
Therefore, the FDIC is requesting all FDIC-supervised institutions that are considering engaging in cryptocurrency-related activities to notify the FDIC of their intent and provide all necessary information that would enable the FDIC to engage with the institution regarding the related risks. Any FDIC-supervised institution already engaged in crypto-related activities should immediately notify the FDIC. Institutions that notify the FDIC are also encouraged to notify their state regulator.
Wall Street Banks Must Report to FDIC
The banking regulator added in the letter that it will review the information provided by the institutions and ask further questions if necessary. It then plans to issue “ relevant supervisory comments “.
Formed in 1933, the FDIC is an independent U.S. federal agency whose mission is to ensure the recovery of depositors’ money in the event of a bank failure. Most banks in the country, including national banks, are supervised by the agency. According to Decrypt The number of banks was about 5,000 by 2021.
The agency’s new requirements come at a time when a growing number of the country’s financial institutions have taken an interest in the new asset class. From financial giants even commercial banks smaller have been strategizing to offer their customers cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. products and services.
The letter assumes that almost all of the bancos con exposición a Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. and other digital assets, including Wall Street titans such as Bank of America y Goldman Sachs Now they must disclose their cryptocurrency activities to the regulator.
In line with the regulators’ programme
As he points out CoinDesk The regulator’s latest requirements fall under the FDIC’s cryptocurrency program.
In October of last year, the agency’s then-president, Jelena McWilliams, announced that the FDIC was actively working with other regulators US to issue clear guidelines so that banks and financial institutions could start offering services such as custody custody is a financial institution's legal capacity to keep and preserve financial assets for its clients to avoid asset theft or loss. and trading of cryptocurrencies.
Most recently, new FDIC Chairman Martin Gruenberg reiterated the need for national regulators to provide a “…more comprehensive and comprehensive approach” to the FDIC’s work. sound guidance The banking industry on the new asset class, but not before warning about the systemic risks of a “systemic risk”. quick introduction “cryptographic products to the financial system.
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Article by Hannah Estefania Perez / DiarioBitcoin
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