.biancoresearch, the firm’s president, says the crypto industry is likely to have a difficult time getting traditional firms to have anything to do with it after the fall of crypto bank silvergatebank. _franvela reports
” the bank's assets, in part due to “recent industry and regulatory developments.”
But the bigger problem for the crypto industry lies on the horizon, according to Bianco. Because traditional banking firms operate under a fiduciary rule, “they have to act according to the fiduciary rule, responsibly.”Federal Deposit Insurance Corp. Now, thanks to the failure of Silvergate, coupled with the downfall of other crypto players, traditional finance companies could be taking on “a career risk,” should they choose to invest their money in crypto.
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