Top U.S. Bank Regulator Faulted for Lack of Crypto Guidance to Banks

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Top U.S. Bank Regulator Faulted for Lack of Crypto Guidance to Banks
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Jesse Hamilton is CoinDesk's deputy managing editor for global policy and regulation. He doesn't hold any crypto.

the regulator's crypto expectations, according to the agency's inspector general, so the FDIC agreed to field a new strategy by January.

The Office of the Inspector General for the FDIC – an internal watchdog function within U.S. agencies – studied the banking agency's performance when it came to preparing the industry for crypto's risks and found it lacking, according to a report issued on Wednesday. "The FDIC’s lack of clear procedures causes uncertainty for supervised institutions in determining the appropriate actions to take," the report concluded, adding that the agency alsoThe inspector general noted that the agency told some banks to pause their crypto activities last year and this year, but then it didn't tell the banks how long they'd be paused or how it might end., specifically involving major institutions that had tech or crypto ties.

The agency agreed to inspector general recommendations that it come up with a plan and schedule for figuring out the risks cryptocurrency activity poses to lending institutions, and that it also clarify its process for the crypto reviews at individual banks. The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of

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