According to Cointelegraph, a major U.S. financial regulator has warned that crypto assets and related activities pose key risks to the U.S. banking system and require closer supervision. In the Federal Deposit Insurance Corporation (FDIC) annual risk review report, cryptocurrencies received a dedicated chapter for the first time, calling digital asset risks "novel and complex." The 2023 Risk Review report, released on August 14, highlights issues that the FDIC believes pose key risks to banks and was released after noting banks' increased interest in crypto activities. The report states that crypto-asset-related activities may pose novel and complex risks to the U.S. banking system that are difficult to fully assess. Some of the key risks considered by the FDIC include uncertainty in the legal status of cryptocurrencies, the possibility of fraud, and the contagion and concentration risks that may arise due to the interconnectedness of crypto businesses.