Crypto bank run vindicates watchdogs’ vigilance.
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Alan Lane’s dreams may have collapsed, but his bank has not. Silvergate Capital, a deposit-taker for cryptocurrency firms, said on thursday that it had been forced to raise funds in a hurry and flog assets after digital-asset customers pulled almost 70% of their balances. It’s a disaster for Lane and his investors. For the U.S. banking system and households who rely on it, there is much to reassure.
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