Share this article
New FDIC Acting Chair Says Evaluation of Crypto Risks Is a Top Priority for 2022
Martin Gruenberg said agencies like the FDIC need to provide “robust guidance” to the banking industry on how to manage the risks to consumers posed by crypto assets.
By Nelson Wang
Updated May 11, 2023, 5:09 p.m. Published Feb 7, 2022, 5:10 p.m.
Acting Federal Deposit Insurance Corporation (FDIC) Chair Martin Gruenberg named evaluating crypto risks as one of the agency’s top priorities for 2022 in a statement issued Monday.
- Gruenberg became acting chair of the FDIC on Feb. 5 following the resignation of Jelena McWilliams, who had held the post since 2018. Gruenberg had served as an FDIC board member since mid-2018; prior to that, he was the FDIC’s chairman for a five-year term starting in 2012.
- “The rapid introduction of a variety of crypto-asset or digital asset products into the financial system could pose significant safety and soundness and financial system risks,” Gruenberg wrote. He noted that it’s “imperative” that federal banking agencies consider the risks posed by these products, and determine how well banking organizations can safely engage in handling them.
- “To the extent such activities can be conducted in a safe and sound manner, the agencies will need to provide robust guidance to the banking industry on the management of prudential and consumer protection risks raised by crypto-asset activities,” he concluded.
- Other priorities for 2022 included strengthening the Community Reinvestment Act (CRA), addressing financial risks posed by climate change, reviewing the bank merger process and finalizing the Basel III Capital Rule.
- Separately, the FDIC has still been trying to determine whether stablecoins qualify for pass-through insurance if they are offered by FDIC-approved institutions.
STORY CONTINUES BELOW
Read more: Anchorage Closes In on FDIC Crypto Custodian Deal, Documents Show
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Canadian Province Wins Forfeiture of $1M QuadrigaCX Co-Founder's Cash, Gold via Default Judgment
The ruling transfers cash, gold bars, watches, and jewelry seized from a CIBC safety deposit box and bank account into government hands after Patryn did not defend the case.
What to know:
- The Supreme Court of British Columbia has forfeited $1 million in cash and gold tied to QuadrigaCX's co-founder, Michael Patryn, to the government.
- Patryn did not contest the forfeiture, which involved 45 gold bars, luxury watches, and over $250,000 in cash seized under an Unexplained Wealth Order.
- The forfeiture may lead to a process determining if any assets can be directed to QuadrigaCX's creditors, who received 13 cents on the dollar in the bankruptcy settlement.
Top Stories
