WASHINGTON (Reuters), – On Thursday, the U.S. Federal Deposit Insurance Corporation(FDIC) stated that all crypto-related activities by or planned by banks should be reported to the regulator.

FDIC warned that there are potential systemic risk from crypto assets and crypto activities. Accordingly to a statement, any organization considering crypto activities must notify FDIC.

FDIC noted that crypto-related activities can pose substantial safety and soundness risk, financial stability, and consumer protection issues. It also pointed out evolving credit, liquidity pricing, and operational risks.

This request is made as U.S. bank regulators consider the growing popularity of cryptocurrency. The U.S. President Joe Biden asked government agencies last month to evaluate the benefits and risks of different cryptocurrency issues. This was seen as an acknowledgment of the possible consequences of growing digital asset importance.

The FDIC warned Thursday that a disruption of crypto-asset activities or transactions could lead to a run on financial assets. Consumers may become confused about the crypto assets provided by or in connection with their institutions.

Before engaging in any crypto-related activities, an FDIC-supervised institution must notify regulator. This should include details about the proposed activity as well as the timeline. According to the agency, it will review all information in order to ensure safety and stability as well as financial stability and consumer protections.