Inspector General wants FDIC to refine crypto risk assessment process, guidance By Cointelegraph

The Inspector General’s Office (OIG) of the Federal Deposit Insurance Corporation (FDIC), the independent United States government body that provides deposit insurance to commercial and savings banks, has published an evaluation report on the corporation’s crypto asset risk strategy. A redacted version of the report has been released to the public.

The FDIC adopted a “bottom up” approach to crypto risk in early 2022, the OIG said. That approach consists of understanding supervised institutions’ crypto-related activities, providing case-by-case supervisory feedback and “providing broader industry guidance on an interagency basis.”