The Federal Reserve, Federal Deposit Insurance Corp and the Office of the Comptroller of the Currency on Tuesday detailed concerns with the volatile asset class. Officialsthat it was important that risks that can’t be controlled aren’t allowed to migrate to the banking system.
Federal watchdogs have insisted that the impact on the broader financial system from FTX’s implosion was minimal. However, it has kindled calls for American regulators to do more to prevent further calamities. On Tuesday, Signature Bank said that it supported regulators’ focus on crypto and that it has been taking steps to significantly reduce deposit concentrations related to crypto clients and others. “We do not lend in this space, nor do we trade, invest or custody crypto assets,” the firm said. Silvergate declined to comment on the joint statement from the watchdogs.
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