Skip to main content
U.S. flag
An official website of the United States government
Dot gov
The .gov means it’s official. 
Federal government websites often end in .gov or .mil. Before sharing sensitive information, make sure you’re on a federal government site.
Https
The site is secure. 
The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely.
Financial Institution Letter

Joint Statement on Crypto-Asset Risks to Banking Organizations

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).
FIL-1-2023
Attachment(s)
Related Topics
Digital Assets
Fintech
Third-Party Relationships

Last Updated: January 5, 2023