FDIC

Protecting cryptocurrency companies is a challenge for commercial insurers.

The agency acknowledged that loan performance in the sector has been strong, but cited several reasons to think that might change, including rising interest rates, the effects of inflation and uncertainty about the future of work and commerce.

In a joint statement on Thursday, the Federal Reserve and FDIC said it had issued a letter demanding that Voyager stop making such claims and correct previous statements.

The U.S. government has been increasingly concerned about companies making false advertisements to consumers about deposit insurance.

The agency has been working with the Federal Reserve and the Office of the Comptroller of the Currency to coordinate policies for how and under what circumstances banks can engage in activities involving crypto assets, FDIC Chairman Jelena McWilliams said at a conference Monday.

Opening a bank or investment account — or even securing employment in a racism-free workplace — is out of reach for many Black Americans.