Acting Comptroller of the Currency Michael J. Hsu prioritized "restoring public trust in the federal banking system" after the liquidity crisis, consequent market disruptions and bank failures early in the calendar year.
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Federal Reserve Board Vice Chair for Supervision Michael S. Barr reviewed developments in payment system innovation and emphasized the importance of "carefully weigh[ing]" the benefits and risks of the new technologies as to stablecoins and central bank digital currencies.
The Federal Reserve Board provided guidance to banking organizations on (i) supervision over "novel activities" and (ii) the process for state member banks to follow before engaging with dollar token or stablecoin activity.
In a report on the results of a "2022 Bank for International Settlements Survey on Central Bank Digital Currencies and Crypto" that covered 86 central banks, Bank for International Settlements highlighted that "93% of surveyed central banks are engaged in some form of CBDC work and more than half are running concrete experiments or working on pilots."
The Congressional Research Service found a limited relationship between the recent failures of Silicon Valley Bank, Signature Bank and Silvergate Bank, and their exposure to the crypto market.