According to Foresight News, the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) jointly issued a crypto risk warning to banking organizations, stating that "banking institutions have significant security and soundness issues with business models that focus on crypto-asset-related activities or are concentratedly exposed to the crypto-asset field." They also stated that fraud and scams, market volatility, legal uncertainty, and weak risk management and governance practices of crypto companies are all causes for concern, and that "issuing or holding cryptocurrencies is likely inconsistent with safe and sound banking practices."