United States federal bank regulatory agencies started off the new year with a statement on crypto assets that looked back at the troubles of the crypto sector in 2022. The Federal Reserve, Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) released a joint statement Jan. 3 on past problems and their efforts to maintain sound banking practices in spite of those challenges.

“It is important that risks related to the crypto-asset sector that cannot be mitigated or controlled do not migrate to the banking system,” the agencies stated. They identified eight specific risks that feature fraud, volatility, contagion and similar familiar issues.