Attachment F1_Crypto-Regulator Report.pdf
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- Office of the Comptroller of the Currency (OCC) Daily News Brief, Clip Services, and Analytics
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- 2031JW23Q00027
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This combined synopsis and solicitation seeks quotations for an OCC Daily News Brief, Clip Services, and Analytics. The Department of Treasury's Office of the Comptroller of the Currency is soliciting these services on behalf of the Office of Public Affairs. The period of performance is from March 1, 2023 through February 29, 2028, should all option periods be exercised. Quotations are due by January 19, 2023 and shall include the completed FAR provisions 52.204-24 and 52.229-11. Questions regarding this solicitation are due by January 12, 2023. The solicitation incorporates FAR provisions and clauses from FAC 2022-08 effective October 28, 2022.
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This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers visit https://www.djreprints.com.
https://www.wsj.com/articles/banks-should-be-wary-of-crypto-top-u-s-regulator-says-11670543968
RISK & COMPLIANCE JOURNAL
Banks Should Be Wary of Crypto, Top U.S. Regulator Says The Of�ice of the Comptroller of the Currency urged caution in a report citing recent ‘stresses and surprises’
The OCC said banks should ensure appropriate risk management practices are in place before they engage with digital assets or expand existing business.
PHOTO: ANDREW HARRER�BLOOMBERG NEWS
By Richard Vanderford Follow
Dec. 8, 2022 6�59 pm ET
Banks should take a cautious approach to digital asset markets, including discussing any new plans with regulators, a top U.S. banking authority said, pointing to ongoing turmoil among crypto firms.
Crypto industry risk management lacks maturity, and some industry practices mean trouble in one firm could spill over to others, the Office of the Comptroller of the Currency said Thursday.
“Most crypto market participants appear unprepared for the stresses and surprises that have taken place this year, resulting in substantial losses for millions of consumers,” the OCC said in a report.
https://www.wsj.com/news/types/risk-compliance-journal?mod=breadcrumb https://www.wsj.com/news/author/richard-vanderford
Noting recent “dislocations” in crypto markets, the regulator said banks should take “a careful and incremental approach” to ensure that appropriate risk management practices are in place before they engage with digital assets or expand existing business.
The OCC also advised national banks to discuss with regulators any plans to engage in digital assets, and potentially seek clearance for some activities.
Crypto news has been dominated in recent weeks by the implosion of FTX, which until its failure in November was one of the world’s largest cryptocurrency exchanges. FTX founder Sam Bankman-Fried has said that he spent no time or effort trying to manage risk at the exchange, saying the collapse might have been avoided had he spent even an hour a day thinking about risk management.
Mr. Bankman-Fried has also said he couldn’t explain what happened to billions of dollars that FTX customers sent to his trading firm’s bank accounts.
The OCC in its advisory said that the risk of contagion in the crypto industry was high because of interconnectedness between certain crypto industry players through “opaque lending and investing arrangements.”
The OCC’s call for a cautionary approach by financial institutions comes as various agencies grapple with how digital assets might fit into a regulatory system built for traditional finance.
The OCC itself less than six months ago noted the risks of crypto, but also said crypto products and services could “create opportunities for banks and their customers.” It didn’t mention crypto opportunities in Thursday’s report.
The New York State Department of Financial Services, an important state-level regulator because of its sway over Wall Street institutions, said last week that it intended to add staff to its virtual currency regulation team, but stressed that its system of licensing had helped it hold companies to high standards.
The Securities and Exchange Commission, which has yet to sue a major crypto exchange, is also facing pressure to step up its enforcement. Two former chairmen of the Securities and Exchange Commission and the Commodity Futures Trading Commission have also jointly called for stronger regulation.
Write to Richard Vanderford at Richard.Vanderford@wsj.com https://www.wsj.com/articles/sam-bankman-fried-wasnt-even-trying-to-manage-risk-at-ftx-he-says-11669930592?mod=article_inline https://www.wsj.com/articles/ftx-founder-sam-bankman-fried-says-he-cant-account-for-billions-sent-to-alameda-11670107659?mod=article_inline https://www.wsj.com/articles/sec-faces-calls-to-boost-crypto-exchange-enforcement-after-ftx-collapse-11670474070?mod=article_inline https://www.wsj.com/articles/how-regulate-cryptocurrency-markets-11670110885?mod=article_inline mailto:Richard.Vanderford@wsj.com
The Effects of FTX Coverage of the crypto exchange's bankruptcy, selected by the editors
SIGN UP FOR THE WSJ CRYPTO
NEWSLETTER
Sam Bankman-Fried Is Expected to Consent to Extradition
Crypto’s Onetime Fans Are Calling It Quits
Does FTX’s New CEO Have the Worst Job in Corporate America?
Binance Says Accounting Firm Is Pausing Crypto Work
Your Guide to FTX and the Crypto Crash Arrest Offers Cold Comfort to FTX Customers
How to Start Regulating the Crypto Markets Sam Bankman-Fried’s Parents Had an FTX Role
Copyright © 2022 Dow Jones & Company, Inc. All Rights Reserved
This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers visit https://www.djreprints.com.
https://www.wsj.com/newsletters?mod=series_cryptobitcoindogecoin&sub=488 https://www.wsj.com/articles/sam-bankman-fried-is-expected-to-consent-to-extradition-from-bahamas-11671391732?mod=series_cryptobitcoindogecoin https://www.wsj.com/articles/cryptos-onetime-fans-are-calling-it-quits-after-ftx-collapse-11671327554?mod=series_cryptobitcoindogecoin https://www.wsj.com/articles/ftx-john-ray-ceo-sam-bankman-fried-crypto-11671049903?mod=series_cryptobitcoindogecoin https://www.wsj.com/articles/binance-says-accounting-firm-pauses-work-for-its-crypto-clients-11671200654?mod=series_cryptobitcoindogecoin https://www.wsj.com/articles/ftx-and-sam-bankman-fried-your-guide-to-the-crypto-crash-11669375609?mod=series_cryptobitcoindogecoin https://www.wsj.com/articles/sam-bankman-frieds-arrest-offers-cold-comfort-to-ftx-customers-11671118483?mod=series_cryptobitcoindogecoin https://www.wsj.com/articles/how-regulate-cryptocurrency-markets-11670110885?mod=series_cryptobitcoindogecoin https://www.wsj.com/articles/sam-bankman-frieds-parents-were-there-for-ftxs-rise-and-now-its-fall-11670841001?mod=series_cryptobitcoindogecoin
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