The Federal Reserve, FDIC, and Office of the Comptroller of the Currency released a new joint cryptocurrency policy statement that discusses potential liquidity risks and urges banks to adopt “robust” due diligence and monitoring practices before taking digital asset businesses as clients. The agencies wrote, “When a banking organization’s deposit funding base is concentrated in crypto-asset-related entities that are highly interconnected or share similar risk profiles, deposit fluctuations may also be correlated, and liquidity risk therefore may be further heightened.”