On February 23, 2023, in the wake of the deposit run experienced by Silvergate Bank, a bank holding deposits on behalf of a number of crypto-asset related entities, the Board of Governors of the Federal Reserve System, the...more
On January 3, 2023, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency (together, the “federal banking regulators”) issued a joint...more
Recent turbulence in the crypto asset market and comments by certain regulators raise the critical question of what happens to crypto assets held by a crypto custodian if the custodian becomes insolvent. Custodians include...more