Few banks were as deeply embedded within the cryptocurrency firms as Signature Bank and Silvergate, and their downfall is a symbolic and practical blow to the embattled industry, legal experts said. The institutions offered an air of legitimacy to crypto companies and provided clients key services, such as around-the-clock transactions.
“It’s very dark days at present for crypto,” said Yesha Yadav, who studies digital financial regulation and is an associate dean at Vanderbilt University Law School. “The big danger here is that the folks decide to go offshore … [where] regulators are having a much harder time monitoring.”
‘Enforcement 40’ for 2020
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