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Joint Statement on Crypto-Asset Risks to Banking Organizations

Supervisory Guidance
January 5, 2023

Summary:

The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency (collectively, the agencies) are issuing a joint statement on crypto-asset risks to banking organizations.

Statement of Applicability: The contents of, and material referenced in, this FIL apply to all FDIC-supervised financial institutions.

Highlights:

  • Events of the past year have been marked by significant volatility and the exposure of vulnerabilities in the crypto-asset sector.
  • These events highlight a number of key risks associated with crypto-assets and crypto-asset sector participants that banking organizations should be aware of.
  • Banking organizations are neither prohibited nor discouraged from providing banking services to customers of any specific class or type, as permitted by law or regulation.
  • The agencies are continuing to assess whether or how current and proposed crypto-asset-related activities by banking organizations can be conducted in a manner that adequately addresses safety and soundness, consumer protection, legal permissibility, and compliance with applicable laws and regulations, including anti-money laundering and illicit finance statutes and rules.
  • Issuing or holding as principal crypto-assets that are issued, stored, or transferred on an open, public, and/or decentralized network, or similar system is highly likely to be inconsistent with safe and sound banking practices.
  • Business models that are concentrated in crypto-asset-related activities or have concentrated exposures to the crypto-asset sector raise significant safety and soundness concerns.
  • The agencies will continue to closely monitor crypto-asset-related exposures of banking organizations.  As warranted, the agencies will issue additional statements related to engagement by banking organizations in crypto-asset-related activities.
  • FDIC-supervised institutions that intend to engage in, or that are currently engaged in, any activities involving or related to crypto-assets are reminded that they are requested to notify the FDIC (see FIL-16-2022).
Attachment(s)
Standards for Safety and Soundness, Section 39 of the Federal Deposit Insurance Act 12 U.S.C. 1831p--1(a), 12 CFR Part 364
FDIC Statement on Providing Banking Services
Notification of Engaging in Crypto-Related Activities
Related Topics
Digital Assets
Fintech
Third-Party Relationships

Last Updated: January 5, 2023