Federal Deposit Insurance Corporation is the United States government agency that protects deposits at U.S. savings and commercial banks. It issued a letter to financial institutions on Thursday. This letter RequestsAll institutions under the supervision of the agency are required to notify their regional directors about any activities involving crypto-related assets, or plans to engage in such activities.

According to the letter, “It is difficult for institutions, as well as the FDIC, to adequately assess the safety and soundness, financial stability, and consumer protection implications without considering each crypto-related activity on an individual basis.”