Hearing a lot about cryptocurrency lately, but not sure what it is or what to be aware of? You’re not alone. Below are a set of resources developed by FLEC member agencies to share some information about cryptocurrency and what to look out for before you decide to use or invest in cryptocurrency.
General Information for Consumers:
- 10 Digital Asset Terms You Should Know: Provides an overview of the technology and differences between digital assets. Here are 10 key terms assembled by Commodity Futures Trading Commission (CFTC) to help get you started.
- 14 Digital Asset Risks to Remember: A resource describing some of the common risks associated with digital assets. (CFTC)
- Acting Comptroller Discusses Crypto Literacy. (Office of the Comptroller of the Currency - OCC)
- Acting Comptroller Discusses Importance of Financial Health for Consumers. (OCC)
- Bulletin on CFPB Complaints Related to Crypto-Assets: An overview of issues raised by consumers in complaints about crypto-assets submitted to the Consumer Financial Protection Bureau (CFPB).
- Comparing Saving and Investing: An educational activity for high school students to explore the differences between saving and investing. (CFPB)
- Crypto-Assets: Implications for Consumers, Investors, and Businesses: This report reviews the current crypto-asset markets and trends that inform the potential opportunities and risks associated with their use.
- Cryptocurrency One-pager and Informational Video: An educational guide by the National Credit Union Administration (NCUA) about cryptocurrencies and other digital assets for consumers. The page includes a video on common questions related to cryptocurrencies and additional resources on cryptocurrency-related scams.
- Fact Sheet: What the Public Needs to Know About FDIC Deposit Insurance and Crypto Companies: A fact sheet addressing common misconceptions on whether Federal Deposit Insurance Corporation (FDIC) deposit insurance covers funds provided by customers to crypto companies.
- Financial Health: Vital Signs Minority Ownership of Cryptocurrency. (a non-government website, check privacy policy) (OCC)
- Financial Terms Glossary: The CFPB’s financial terms glossary contains brief definitions of several digital asset-related terms, such as cryptocurrency and virtual currency.
- HelpWithMyBank.gov: Provides information and assistance for customers of national banks and federal savings associations. (OCC)
- The SEC & Cryptocurrencies | Office Hours with Gary Gensler. (a non-government website, check privacy policy) (Securities and Exchange Commission - SEC)
Advisories, Bulletins, and Updates:
- Digital Asset Advisories and Informational Primers: The CFTC’s home page for digital assets contains resources for market participants and customers about digital assets and the CFTC's oversight role, including consumer advisories, informational primers, and publications about digital assets.
- Digital Asset: News Releases, Bulletins, and Interpretive Letters: The OCC’s home page on digital assets provides news releases, bulletins, and interpretive letters related to the use of digital assets in the federal banking system.
Fraud and Scams:
- Curious About Crypto? Watch Out for Red Flags: Describes common red flags for consumer awareness. (CFTC)
- Digital Asset and “Crypto” Investment Scams – Investor Alert. (SEC)
- Investor Alert: Beware of Claims That the SEC Has Approved Offerings. (SEC)
- Investor Alert: Watch Out for Fraudulent Digital Asset and “Crypto” Trading Websites. (SEC)
- Watch Out for False Claims About SEC And CFTC Endorsements. (Joint SEC and CFTC Investor Alert)
- What To Know About Cryptocurrency and Scams: An educational resource on avoiding cryptocurrency-related scams, aimed specifically at consumers with limited background knowledge on cryptocurrency. (Federal Trade Commission – FTC)
For Investors:
- Funds Trading in Bitcoin Futures – Investor Bulletin. (SEC)
- Information on Initial Coin Offerings(ICOs). (SEC)
- Initial Exchange Offerings (IEOs) – Investor Alert. (SEC)
- Investor Bulletin: Crypto Asset Interest-bearing Accounts. (SEC)
- Retirement Savings and Cryptocurrency: This blog post explains the potential risks investment into cryptocurrencies may pose to retirement savings accounts, and the Department of Labor’s (DOL) efforts to mitigate these potential risks.
- Thinking About Buying the Latest New Cryptocurrency or Token? (SEC)
- What is a Bitcoin Futures ETF? Provides information on a bitcoin futures exchange-traded fund (ETF), which is a fund that issues publicly traded securities that offer exposure to the price movements of bitcoin futures contracts. (CFTC)
Other Resources:
- (NEW) Exploring Digital (Crypto) Assets: a new module in the in Department of Defense, Office of Financial Readiness, Beyond the Touchpoints Curriculum for service members.
- FAQ on Virtual Currency: The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC)’s FAQ page provides answers to common questions related to virtual currencies, with term definitions and information on regulations. (Treasury)
- SEC's Strategic Hub for Innovation and Financial Technology (FinHUB) Landing Page. (SEC)