The Federal Reserve, the U.S. Federal Deposit Insurance Corporation (FDIC) and the U.S. Office of the Comptroller of the Currency (OCC) jointly issued an encryption risk warning to banking organizations, stating that "banking institutions have significant risks to business models that focus on crypto-asset-related activities or are exposed to crypto-assets." security and soundness issues” and stated that fraud and scams, market volatility, legal uncertainty, and weak risk management and governance practices of crypto companies are all reasons for concern, “Issuing or holding cryptocurrencies is likely to inconsistent with safe and sound banking".