Today the main U.S. banking regulators issued a joint statement about crypto-asset risks, particularly the liquidity risks of holding deposits for crypto exchanges and stablecoin reserves. The Federal Reserve, FDIC and OCC warn of potential rapid drawdowns in deposits.
It’s the second statement in less than two months after they highlighted a broad range of risks at the start of the year. That announcement was made on January 3, and two days later, Silvergate Bank revealed that its deposits had declined by 68% in a single quarter following the collapse of FTX and cryptocurrency clients withdrawing deposits.
The question is whether or not a particular event has triggered the latest warning.
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