Wilson Elser Moskowitz Edelman & Dicker | Anjali Das | Jan 23, 2023
Image: Unsplash/PiggyBank
The recent implosion of crypto firm FTX and its affiliates provides a case study for potential crypto exposure under traditional insurance policies in this series of four articles
See: Are Markets Moving Towards a Crypto Fiduciary + Caveat Emptor Standard?
- Don’t Count on FDIC Insurance for Crypto Assets:
- The Federal Deposit Insurance Corporation (FDIC) has made it abundantly clear that FDIC insurance does not apply to financial products such as “crypto assets” or other types of securities or commodities. Moreover, FDIC insurance “does not protect against the default, insolvency, or bankruptcy of any non-bank entity, including crypto custodians, exchanges, brokers, wallet providers, and neobanks.”
- Digital Asset Vault & Wallet Insurance: In growing recognition of the need for insurance as a risk management tool for cryptocurrency and digital asset custodial services, insurance companies are slowly wading into the market with new and innovative products.
Continue to the full article –> here
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- Source: https://ncfacanada.org/insurers-cautioned-on-silent-crypto-exposure/