- **FDIC's #Annual Risk Review**: The Federal Deposit Insurance Corporation (FDIC) has identified digital assets as presenting "novel and complex risks" that challenge assessing their impact on capital markets and banking institutions, as stated in its latest annual risk review.
- **Inclusion of #Digital Assets Section**: The 2023 report includes a dedicated section on digital assets, marking the first time such a section has been included in the FDIC's annual review.
- **Ongoing Monitoring of #crypto Activities**: The FDIC, along with other federal banking agencies, is continuously monitoring crypto-related activities within banking organizations. The agency is prepared to issue further statements as necessary to address evolving risks in the crypto space.
- **Addressing Misrepresentation of Deposit Insurance**: The risk review highlights the FDIC's action against more than 85 businesses for misrepresenting deposit insurance details. The agency has been actively addressing this issue.
- **Consumer #Financial Protection Bureau's Warning**: The Consumer Financial Protection Bureau (CFPB) previously warned about the risks associated with digital payment apps like Venmo and PayPal due to the absence of FDIC coverage.
- **#Regulating Crypto Space**: The FDIC has demanded that crypto exchange OKCoin cease making alleged false claims about being insured. The agency aims to provide specific supervisory feedback and engage in discussions with banking organizations involved in crypto activities, reflecting its focus on addressing risks posed by the dynamic nature of the crypto industry.
