Washington, D.C. — BPI Executive Vice President and General Counsel John Court issued the following statement today in response to events surrounding the sudden collapse of FTX caused by a severe liquidity crisis:
“As FTX files for bankruptcy after failing to secure a bailout, policymakers should ensure they do not embed crypto firms in the heart of the financial system by giving them Fed accounts; otherwise the next crisis in the cryptoverse could threaten financial stability.”
About Bank Policy Institute.
The Bank Policy Institute (BPI) is a nonpartisan public policy, research and advocacy group, representing the nation’s leading banks and their customers. Our members include universal banks, regional banks and the major foreign banks doing business in the United States. Collectively, they employ almost 2 million Americans, make nearly half of the nation’s small business loans, and are an engine for financial innovation and economic growth.