Top U.S. Bank Regulator Faulted for Lack of Crypto Guidance to Banks The FDIC's watchdog concluded the agency has been lax in figuring out how to guide U.S. bankers on crypto matters, and it called for a new strategy by January.
The U.S. Federal Deposit Insurance Corp. (FDIC) has left the banks it oversees unequipped to navigate the regulator's crypto expectations, according to the agency's inspector general, so the FDIC agreed to field a new strategy by January. The Office of the Inspector General for the FDIC – an internal watchdog function within U.S. agencies – studied the banking agency's performance when it came to preparing the industry for crypto's risks and found it lacking, according to a report issued on Wednesday.
"The FDIC’s lack of clear procedures causes uncertainty for supervised institutions in determining the appropriate actions to take," the report concluded, adding that the agency also hadn't concluded its effort to assess whether it could head off systemic banking dangers from crypto.
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