Unusual Statement From Fed Agencies Warns Banks of Crypto Risks

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By Jeffrey Quiggle The Fed, OCC and FDIC issue a cautionary statement highlighting concerns they have for banking organizations about the crypto-asset sector. A terrible year for cryptocurrencies in 2002 accelerated toward a calamitous bottom on Nov. 8 as the value of the now-bankrupt FTX exchange plummeted. The company was a mechanism people used to buy and sell cryptocurrencies such as bitcoin and ether. But confidence in FTX was destroyed as its customers hurried to withdraw their money by selling the cryptocurrencies they had previously purchased using the platform. Sam Bankman-Fried, the …

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