Regulators warned banking organizations of other risks that could create “legal uncertainties related to custody practices, redemptions, and ownership rights.”
The statement indicated legal uncertainties include fraud and scams within the crypto-asset sector participants resulting in “inaccurate or misleading representations and disclosures by crypto-asset companies, including misrepresentations regarding federal deposit insurance, and other practices that may be unfair, deceptive, or abusive, contributing to significant harm to retail and institutional investors, customers, and counterparties.
Regulators said in the statement, “The agencies will continue to closely monitor crypto-asset-related exposures of banking organizations.”The statement continued, “Banking organizations should ensure that crypto-asset-related activities can be performed in a safe and sound manner, are legally permissible, and comply with applicable laws and regulations, including those designed to protect consumers .
LOL... like banks shouldn't have already been cautious about that? 'Hey, son, don't put your fingers in fan blades while moving....'
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Banks should be more cautious on crypto contagion risks, U.S. regulators warnBanks should be more careful about the risks of fraud, legal uncertainty and misleading disclosures by crypto firms, U.S. regulators warned on Tuesday, just two months after the collapse of crypto exchange FTX stunned the financial world. Crypto = fraud and scams. Banks should not deal Lol yes 🫣🫣🫣😳😳😳😨😨😨
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Federal regulators warn banks to beware of 'significant' risks surrounding crypto assetsFederal regulators warn that banks should be aware of the key risks associated with crypto-assets as marked by events of the past year.
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U.S. regulators issue post-FTX collapse crypto warning to banksU.S. banking regulators renew warnings to banks following the high-profile collapse of FTX. Lol what does FTXs collapse have to do with cryptography? They should be warning us about unregulated centralized institutions Why bother adding that detail about the 'cause' for the collapse being the run on FTT? Disingenuous info that doesn't even need to be included in that article tbh. Though the statement noted that banks aren't prohibited from doing business with companies that operate within the law… AREN’T PROHIBITED…
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US Federal Reserve, Other Agencies Continue to Warn Banks About CryptoThe federalreserve and others warn U.S. banks that issuing or holding crypto on their balance sheets isn’t safe. It’s the latest of several similar statements, including last month’s financial-risk report highlighting crypto. jesseahamilton reports federalreserve jesseahamilton Well this totally is a 180 degree statement on the 2025 BIS guidelines they set up on capital holding and crypto holding … where’s the truth ? Dangerous times in democracy federalreserve jesseahamilton notthreadguy leap_xyz bongobongonft federalreserve jesseahamilton Mofos are shook
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Coinbase reaches $100M settlement with NY regulatorsCoinbase will pay a $50 million fine and invest an additional $50 million in compliance after regulators determined it violated Anti-Money Laundering laws. bullying tactic, not good. Que agreguen a xrp los chantas esos Big news! Coinbase is paving the way for crypto adoption with this settlement. DeFi is enabling people to access global markets in a trustless way. HODL on! 🚀
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