The US regulators have warned banks about the risks of the market.
Financial institutions were told to be cautious of legal uncertainty and misleading disclosures by digital asset firms.
The banks were warned about the "contagion risk" from the sector.
The collapse of FTX sent shock waves through the industry.
The US Federal Reserve, Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency said they were closely watching the activities of banking organizations.
The statements said that the events of the past year have been marked by significant volatility.
The regulators said that issuing or holding the digital currency was likely to be incompatible with safe and sound banking practices.
Banks were told to take precautions to avoid problems in the digital asset market.
The banking system should not be affected by risks related to thecryptocurrencies sector.
Despite inviting clearer advice from regulators, US financial industry watchdogs have been hesitant to issue uniform guidelines for cryptocurrencies.
FTX's collapse in November was a big blow to the industry.
Millions of people entered the digital asset market through this exchange.
He pleaded not guilty in a US court to charges that he took customer deposits at FTX to fund his other business.
Two of Mr Bankman- Fried's closest colleagues have already pleaded guilty and are cooperating with the investigation.
One of the most high-profile figures in the sector was Mr Bankman-Fried.
He was accused by the US of building a house of cards on a foundation of deception while telling investors that it was one of the safest buildings in the world.
The Super Bowl is being taken over by adverts for cryptocurrencies.
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