SEN and Signature’s Signet were the closest thing US crypto had to 24/7 dollar finality; losing both in early 2023 shoved exchanges, market makers, and stablecoin desks back onto slower, thinner bank rails. A 70% deposit run is survivable if the franchise can recapitalize, but a regulator-imposed crypto-deposit ceiling makes the business model math stop working. Fed “skinny accounts” for Kraken/Custodia-style banks matter because on/off-ramp risk should not depend on whichever examiner decides crypto is radioactive this cycle.

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