US Watchdog Says Banks Shying Away From Stumbling Crypto Industry

U.S. banks have been cooling in their crypto interest since this year’s twin failing of Terra (and its currency, LUNA) and FTX, said Michael Hsu, the acting chief of the Office of the Comptroller of the Currency (OCC).

“Overall, I can say – and this is going to be obvious – is that there was more interest before Terra/LUNA and FTX than since Terra/LUNA and FTX,” said Hsu, whose banking agency released its “Semiannual Risk Perspective” report Thursday, in which cryptocurrency risks were given heightened prominence.

The report included a new section on digital assets as a “special topic in emerging risk,” and it pummeled the industry, saying its risk management practices “lack maturity.”

Source: US Watchdog Says Banks Shying Away From Stumbling Crypto Industry