Why The U.S. Fed Will Require Banks To Report Crypto-Related Activity

Why The U.S. Fed Will Require Banks To Report Crypto-Related Activity

The U.S. Federal Reserve (Fed) issued a letter on banking institutions participating in crypto-related activity and potentially adopting digital assets. The financial institution claimed that the nascent asset class “poses a risk” to the current financial system and to consumers investing capital in the sector.

In that sense, the Fed wants all U.S. banks and financial institutions under their supervision to notify them of activities or if they are looking to engage in crypto-related activities. The financial institution claims, as many other legislators, regulators, and high-ranking government officials in the U.S. government, that digital assets have a number of potential vulnerabilities.

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