A US regulator has advised banks to take a “cautious approach” to crypto, advising them to engage with regulators before undertaking any crypto-related activities.
It highlighted stablecoin backings have “incrementally evolved” since, but believes most “remain susceptible to run risk.”
Discussing risk management the OCC said practices at crypto firms were maturing but are “not yet robust” with firms appearing “unprepared for the stresses and surprises” over the past year that saw“Hacks and outages are frequent, and fraud and scams remain high throughout the industry. In some cases, ownership rights, custody arrangements, and financial representations have created a high degree of confusion.
The crypto market over 2022 also revealed the industry’s “interconnectedness [...] through a variety of opaque lending and investing arrangements” according to the OCC.
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