The Fed, FDIC, and currency comptroller are warning banks about messing with crypto

Three federal financial agencies put out a joint statement on Tuesday warning banks about the “key risks for banks associated with crypto-assets and the crypto-asset sector.” The statement explains that while banks aren’t wholesale banned or discouraged from providing services to crypto firms, the Federal Reserve, Federal Deposit Insurance Corporation (FDIC), and Office of the Comptroller of the Currency believe that issuing or holding cryptocurrency is “highly likely to be inconsistent with safe and sound banking practices.”

The regulators say they’re still figuring out how to deal with banks and crypto, working on a case-by-case basis, and that they’re being “careful and cautious.”

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