Nellie Liang, the US Treasury Department's undersecretary for domestic finance, stated that crypto did not play a direct role in the recent failures of Silicon Valley Bank (SVB) and Signature Bank. While Signature Bank was particularly active in the sector, with about a fifth of its deposit base tied to crypto customers at the end of 2022, Liang did not believe that digital assets should be blamed for the banks' runs. The banks' failures were attributed to business risks that undermined their resilience.

The FDIC is still grappling with $4 billion in crypto-tied deposits from Signature Bank after its sudden failure. The bank's former customers have until April 5 to move their funds out or receive them in a check. While the crypto industry's relationship with the banks has drawn scant attention from lawmakers, the sudden absence of three of the leading crypto-friendly banks has left many virtual-assets customers in a difficult position.