According to The Wall Street Journal, the United States Federal Home Loan Banks System is financing billions of dollars to two of the biggest cryptocurrency banks in an effort to lessen the impact of an increase in withdrawals.
According to Silvergate's report, the average digital asset customer deposits in the fourth quarter of 2022 was $7.3 billion, a significantly lower amount compared to the prior quarter when deposits reached $12 billion.
Traditional finance has remained immune to crypto contagion following the collapse of FTX, but FHLB loans to crypto-exposed banks could increase that risk, notes the report. In comments to WSJ, Senator Elizabeth Warren noted that “this is why I’ve been warning of the dangers of allowing crypto to become intertwined with the banking system," claiming that taxpayers should not"be left holding the bag for collapses in the crypto industry", which she called a market full of"fraud, money laundering and illicit finance."
FTX's group collapse caused a ripple effect across the crypto industry, affecting many companies. In the most recent development,
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