The number of banks in the U.S. under the Federal Deposit Insurance Corporation (FDIC) dabbling with crypto assets has continued to surge
Highlights
- Number of banks in U.S.
- under the Federal Deposit Insurance Corporation (FDIC) dabbling with crypto assets has continued to surge.
- 136 banks were either involved or planning to venture into crypto-related businesses as of January 2023.
- Of these, 46,000 lost over $1 billion to cryptocurrency scams since 2021.
- The report by IOG comes after a spate of meltdowns by high-level crypto firms leading to increased calls for regulatory oversight.
- In several communications, the regulator has cautioned banks to stay away from digital assets, citing potential risks that they pose to the wider financial system.
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