Press Release

January 03, 2023 Agencies issue joint statement on crypto-asset risks to banking organizations Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation Office of the Comptroller of the Currency For release at 2:00 p.m. EST Share Federal bank regulatory agencies today issued a statement highlighting key risks for banking organizations associated with crypto-assets and the crypto-asset sector and describing the agencies' approaches to supervision in this area. In particular, the statement describes several key risks associated with crypto-assets and the crypto-asset sector, as demonstrated by the significant volatility and vulnerabilities over the past year. Given these risks, the agencies continue to take a careful and cautious approach related to current and proposed crypto-asset-related activities and exposures at banking organizations. The agencies continue to assess whether or how current and proposed crypto-asset-related activities by banking organizations can be conducted in a manner that is safe and sound, legally permissible, and in compliance with applicable laws and regulations, including those designed to protect consumers. The agencies will continue to closely monitor crypto-asset-related exposures of banking organizations, and, as warranted, will issue additional statements related to engagement by banking organizations in crypto-asset related activities. Joint Statement on Crypto-Asset Risks to Banking Organizations (PDF) NOTE: This guidance/statement was withdrawn on April 24, 2025 and is no longer applicable. Please see here for more information. Media Contacts:

Federal Reserve (2023, January 2). Press Release. Press Releases, Federal Reserve. https://whenthefedspeaks.com/doc/press_release_20230103_agencies_issue_joint_statement_on_cryptoasset

@misc{wtfs_press_release_20230103_agencies_issue_joint_statement_on_cryptoasset,
  author = {Federal Reserve},
  title = {Press Release},
  year = {2023},
  month = {Jan},
  howpublished = {Press Releases, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/press_release_20230103_agencies_issue_joint_statement_on_cryptoasset},
  note = {Retrieved via When the Fed Speaks corpus}
}