Walter E. Zalenski quoted in American Banker article, “Voyager is the tip of the iceberg”
American BankerWalter E. Zalenski
The American Banker article, “Voyager is the tip of the iceberg,” discussed the recent turmoil in the cryptocurrency industry and how regulators are cracking down on how crypto companies market themselves to consumers. This comes after Voyager Digital faced regulatory scrutiny for suggesting to its customers that their USD deposits were insured by the FDIC. News of the inquiry broke just days after the FDIC’s new rule, regarding its authority to prevent firms from making misrepresentations about deposit insurance, went into effect July 5.
Zalenski noted that while there are broader issues at play, the financial distress of certain crypto companies is bringing the issues to the forefront right now. “I don't think we’ve seen the last word on this by any stretch of the imagination. You're dealing with many young, fast-growing companies, and we can expect to see these issues arise more frequently than they have historically.”
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