Many of you have asked my views on the recent “Joint Statement on Crypto-Asset Risks to Banking Organizations” issued by the @usocc @FDICgov @federalreserve . Some observations in the form of a short 🧵: occ.treas.gov/news-issuances… (1)   The agencies state that “risks related to the crypto-asset sector that cannot be mitigated or controlled do not migrate to the banking system.”  But the purpose of banking supervision is not to keep out risk; it is to create a safer risk intermediation framework.