Crypto was born in the aftermath of – and, to some, in response to – the 2008 crisis. Satoshi Nakamoto’s Bitcoin paper debuted into a world where governments had just propped up the financial system by pouring money into it. Crypto lacks such a centralized authority. If SVB customers, including Circle and its USDC stablecoin, are forced to take a haircut on their money, the repercussions are unclear.
