Fun

News Feed - 2023-10-19 06:10:00

Derek Andersen2 hours agoInspector General wants FDIC to refine crypto risk assessment process, guidanceThe bank deposit insurer should assess the sufficiency of its risk mitigation measures and then provide them in a more organized manner, the inspector general found.1883 Total views16 Total sharesListen to article 0:00NewsJoin us on social networksThe Inspector General’s Office (OIG) of the Federal Deposit Insurance Corporation (FDIC), the independent United States government body that provides deposit insurance to commercial and savings banks, has published an evaluation report on the corporation’s crypto asset risk strategy. A redacted version of the report has been released to the public. 


The FDIC adopted a “bottom up” approach to crypto risk in early 2022, the OIG said. That approach consists of understanding supervised institutions’ crypto-related activities, providing case-by-case supervisory feedback and “providing broader industry guidance on an interagency basis.”


To understand institutions’ crypto activities, the FDIC issued a letter asking them about it. As of January 2023, 96 institutions had signaled their interest in or provided current activities with crypto assets. The number of institutions that received feedback from the FDIC was blacked out. Some had been advised to pause crypto-related activity until the FDIC had made its assessment, but that number was also covered up.


Related: Signature Bank failed to understand risks associated with crypto — FDIC chair


The OIG found that the FDIC started to develop strategies concerning risks associated with crypto assets, but it was incomplete:“However, the Agency has not assessed the significance and potential impact of the risks. Specifically, the FDIC has not yet completed a risk assessment to determine whether the Agency can sufficiently address crypto-asset-related risks through actions such as issuing guidance to supervised institutions.”


According to the OIG, the FDIC should document its risk assessments, assess their significance and develop mitigation strategies such as guidance. Moreover, the process for providing feedback in response to its letter was unclear. There is no timeframe for reviews or clear end to the process, the OIG said. The OIG made two recommendations to resolve those situations.FDIC Strategies Related to Crypto-Asset Risks: FDIC has started to develop & implement strategies to address crypto-asset risks; hasn’t assessed significance & potential impact of risks, and feedback process to supervised banks is unclear. 2 recs. https://t.co/GRce5uG1By pic.twitter.com/7rmRGYJwk3— FDIC OIG (@FDIC_OIG) October 18, 2023


The OIG classified its recommendations as not significant. It noted that the FDIC had already concurred with the recommendations and planned to complete corrective actions by the end of January 2024.


Inspector generals were introduced at U.S. federal agencies in 1978. They provide independent audits, evaluations and investigations.


Magazine: Cleaning up crypto: How much enforcement is too much?# Banking# Banks# Digital Asset# RegulationAdd reactionAdd reactionRead moreEurope"s AML regulations come at a high cost — for your privacy and otherwiseCentral banks want to look under crypto’s hood — Is this a positive sign?Fed inspector blames crypto focus, nepotism for Silvergate Bank collapse

News Feed

FTX Launches Cross-Platform NFT Marketplace
FTX Launches Cross-Platform NFT Marketplace FTX, a spot and cryptocurrency exchange, announced the launch of an NFT marketplace on its trading platform today. According to the info
LBank Exchange Will List Drive Crypto (DRIVECRYPTO) on August 9, 2022
LBank Exchange Will List Drive Crypto (DRIVECRYPTO) on August 9, 2022 press release PRESS RELEASE. INTERNET CITY, DUBAI, Aug. 8, 2022 – LBank Exchange, a global digital asset
Ethereum Classic Climbs 124% in 2 Weeks, Hashrate Spikes, KRW Captures 20% of ETC’s Trade Volume
Ethereum Classic Climbs 124% in 2 Weeks, Hashrate Spikes, KRW Captures 20% of ETC"s Trade Volume Roughly six years ago in July 2016, an Ethereum hard fork was used to address the i
Brazil leads LATAM crypto trading with $6B volume in 2024
Ana Paula Pereira3 hours agoBrazil leads LATAM crypto trading with $6B volume in 2024Brazil recorded a 30% increase in crypto trading volume in the first months of 2024, outpacing USD weekly trading volume since mid-Janu
Tristan Greene7 hours agoUS official confirms military concerns over China’s access to cloud technologyThe confirmation comes as tensions between the United States and China continue to rise.1030 Total views5 Total sha
Bitcoin Bottom In Sight As Trump Expected To Soften Stance On Reciprocal Tariffs: Report
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Terraform claims SEC offered ‘no evidence’ for $4.7B in disgorgement
Turner Wright2 hours agoTerraform claims SEC offered ‘no evidence’ for $4.7B in disgorgementLawyers for the firm claimed that any alleged losses caused by the platform’s or Do Kwon’s actions happened outside the
China Mining Ban Worsened Bitcoin’s Carbon Footprint, Study Claims
China Mining Ban Worsened Bitcoin’s Carbon Footprint, Study Claims Contrary to some expectations, Beijing’s crackdown on the crypto mining industry has increased Bitcoin&#
Prashant Jha4 hours agoBusy week for Uniswap, and Platypus recovers 90% of hacked funds: Finance RedefinedUniswap announced it would start charging a swap fee of 15% from Oct. 17, evoking mixed reactions from the crypto
Australian Police Confiscate Cryptocurrency Worth $1 Million With Help From FBI
Australian Police Confiscate Cryptocurrency Worth $1 Million With Help From FBI The Australian Federal Police (AFP) has confirmed that the Supreme Court of New South Wales has orde
Cardano Price Shows Signs Of Recovery — Is A Return To $1 Inevitable?
Este artículo también está disponible en español. The altcoin market was on a red-hot streak the previous week, with large-cap assets like Cardano, Solana, and Dogecoin p
Stablecoin issuance could be key to the next Bitcoin rally — 10x Research
Martin Young3 hours agoStablecoin issuance could be key to the next Bitcoin rally — 10x ResearchTether and Circle issued more than $2.5 billion worth of stablecoins over the past week, and 10x Research believes continu