Crypto Crash Not a ‘Systemic Issue,’ Evercore’s Emanuel Says
- Terra meltdown spurred debate about crypto risks to markets
- Emanuel says dot-com crash left tech industry better off
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The steep drop in cryptocurrencies and the recent implosion of a $19 billion stablecoin aren’t enough to label the sector a threat to broader markets, said Evercore ISI strategist Julian Emanuel.
The collapse of the TerraUSD stablecoin earlier this month spurred a debate about whether blowups of crypto experiments could pose a risk to the wider financial system, along with calls for stronger regulation. Stablecoins are a key cog in the digital-assets system, serving as a stand-in for regular cash, and they’re explicitly designed to hold their value.