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Join date : 2022-10-27
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FDIC and crypto insurance  Empty FDIC and crypto insurance

Mon Nov 21, 2022 3:47 pm
After a quick study, I found that crypto cannot be insured under the guiding principles of FDIC. Since cryptocurrency is not legal tender and is not backed by the government. SIPC protects only stocks, bonds, Treasury securities, certificates of deposit, mutual funds, money market mutual funds and certain other investments as "securities." Crypto is not considered a security hence it cannot be insured or guaranteed by or subject to the protections of the Federal Deposit Insurance Corporation (“FDIC”) or Securities Investor Protection Corporation (“SIPC”), and may lose value.
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