There has been little percentage change in the price action of the main cryptocurrencies by market capitalization in the last 24 hours, however Bitcoin remains above $28,372, which reveals zero volatility.
Now beyond the null volatility that the Bitcoin price action has developed, today I wanted to share with all of you the statements made by the Federal Deposit Insurance Corporation (FDIC) Inspector General on defining the cryptocurrency risk assessment process.
In this regard and according to information disclosed in Cointelegraph, "The Office of Inspector General (OIG) of the Federal Deposit Insurance Corporation (FDIC), the independent U.S. government agency that provides deposit insurance to commercial banks and thrifts, has released an assessment report on the corporation's cryptoasset risk strategy."
One of the elements to highlight in order to understand the crypto activities of the institutions, is that "the FDIC sent a letter requesting information in this regard. As of January 2023, 96 institutions had shown interest or provided information on their current cryptoasset activities."
According to the OIG, "the FDIC should document its risk assessments, evaluate their significance, and develop mitigation strategies as guidance. In addition, the process for providing feedback in response to their letter was unclear. There is no time frame for the reviews and no clear end to the process, the OIG said. The OIG made two recommendations to address these situations."
SOURCES CONSULTED
Cointelegraph. Inspector General wants FDIC to refine crypto risk assessment process, guidance. Link
OBSERVATION:
The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph
