The crypto industry and the banking sector are closely correlated, with many crypto exchanges using banks to hold funds and process transactions.
Changes in banking regulations can impact the crypto industry, which has been seeking greater legitimacy and integration with traditional financial systems.
United States President Joe Biden is stepping up pressure on federal banking regulators to tighten rules for regional banks and require institutions with the same size as Silicon Valley Bank to maintain a greater amount of liquid assets while undergoing more frequent stress tests.