The Inspector General’s Office (OIG) of the Federal Deposit Insurance Corporation (FDIC) has released an evaluation report on the corporation’s strategy for managing crypto asset risks. The FDIC adopted a “bottom up” approach to understanding and addressing these risks, which involves assessing supervised institutions’ crypto activities and providing guidance on a case-by-case basis. As of January 2023, 96 institutions had expressed interest in or provided information about their crypto asset activities to the FDIC. However, the OIG found that the FDIC had not fully assessed the significance and potential impact of these risks or developed mitigation strategies. The feedback process for institutions was also unclear, with no clear timeframe or end to the process. The OIG made two recommendations to address these issues. The FDIC has concurred with the recommendations and plans to complete corrective actions by January 2024.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	North America
Countries
Sentiment	neutral
Relevance Score	1
People	None
Companies	Inspector General’s Office (OIG), Federal Deposit Insurance Corporation (FDIC)
Currencies	None
Securities	None