US banking regulators warn about cryptocurrency risks.

US officials warned banks about cryptocurrency market dangers for the first time.

Financial institutions were warned about digital asset enterprises' potential fraud, legal uncertainties.

Banks were warned about the sector's "contagion risk."

The crypto sector was shaken by FTX's collapse two months prior.

The Federal Reserve, FDIC, and OCC indicated they were closely monitoring bank crypto operations.

Banks were advised to prevent digital asset market issues from affecting the financial system.

US financial industry watchdogs have been hesitant to provide unified cryptocurrency guidelines for months.