Insurance Corporation issued letters to five different cryptocurrency companies demanding that they cease and desist from making false and misleading statements about FDIC insurance. In this video, Jeffrey Alberts, co-chair of Pryor Cashman's Financial Institutions Group, discusses the nature of FDIC insurance, the FDIC's concern with how crypto companies are referencing FDIC insurance and how to avoid violating the Federal Deposit Insurance Act's prohibitions on misleading statements about FDIC insurance.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.