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US Regulators and the Fed Jointly Issue Crypto Warnings
5.1.2023
The Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) have jointly issued warnings about crypto risks to banking organizations. “The agencies have significant safety and soundness concerns with business models that...
Former US Regulator Likens FTX and Sam Bankman-Fried to Bernie Madoff and His Ponzi Scheme
20.11.2022
Former Federal Deposit Insurance Corporation (FDIC) Chair Sheila Bair likens the fall of crypto exchange FTX and its former CEO Sam Bankman-Fried to the infamous Ponzi Scheme of Bernie Madoff. “It felt very Bernie Madoff-like in that way,” she said. Former FDIC Chair Compares FTX...
FDIC Issues Crypto-Related Cease and Desist Orders to 5 Companies Including FTX US Exchange
21.8.2022
The Federal Deposit Insurance Corporation (FDIC) has sent a cease and desist letter to five companies, including crypto exchange FTX US. CEO Sam Bankman-Fried explained that FTX does not have FDIC insurance, stating: “We never meant otherwise, and apologize if anyone misinterpreted...
Bankrupt Crypto Firm Voyager Digital Approved to Release $270 Million in Cash Deposits
5.8.2022
The now defunct and bankrupt Voyager Digital has been approved by the court to distribute $270 million in funds to creditors and affected customers. The news follows the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve Board ordering Voyager to remove any statements that allege...
Fed Board, FDIC Order Voyager Digital to Retract Federal Deposit Insurance Claims
29.7.2022
Following Voyager Digital’s application for bankruptcy protection during the first week of July, Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve Board today issued a joint letter to the company demanding a cease and desist against Voyager’s FDIC claims....
US Regulator Probes Bankrupt Crypto Lender Voyager Over Claims of FDIC Insurance
9.7.2022
The Federal Deposit Insurance Corporation (FDIC) is probing crypto lender Voyager Digital over claims that it is FDIC-insured. The crypto firm previously explained that through its strategic relationships with Metropolitan Commercial Bank, “all customers’ USD held with Voyager is FDIC...
FDIC Asks Thousands of Banks to Disclose Crypto Plans
11.4.2022
The U.S. Federal Deposit Insurance Corporation (FDIC) has asked thousands of banks and other financial institutions it supervises to declare existing crypto activities and any plans they have to engage in crypto activities in the future. Banks to Disclose Crypto Plans to FDIC The Federal Deposit...
FDIC Makes Crypto Evaluation a Priority This Year Citing ‘Significant Safety and Financial System Risks’
9.2.2022
The U.S. Federal Deposit Insurance Corporation (FDIC) has named the evaluation of crypto assets a priority this year. “The rapid introduction of a variety of crypto-asset or digital asset products into the financial system could pose significant safety and soundness and financial system...
Federal Reserve, FDIC, OCC Discuss Allowing Banks to Hold Crypto on Balance Sheets
28.10.2021
A group of U.S. banking regulators is working on how banks can be allowed to offer crypto services and hold cryptocurrencies on their balance sheets. The chairman of the Federal Deposit Insurance Corporation (FDIC) said, “If we don’t bring this activity inside the banks, it is going...
US FDIC seeks insight on banks’ role in cryptocurrency markets
18.5.2021
The FDIC issued a request for public input to get more information on the industry and consumers’ interests in the market
New Draft U.S. Law Will Make It Illegal To Issue Stablecoins Without Federal Reserve Approval
4.12.2020
Three U.S. lawmakers have introduced a bill that will force private stablecoin issuers to obtain a banking charter (or license) and approval from the Federal Reserve before they can issue a stablecoin. Instigated by Rep. Rashida Tlaib, with support from Reps. Jesús García and Stephen...