According to Jake Chervinsky, the 2022 crypto credit crisis led to significant concerns in Washington, D.C., about potential contagion risk if highly leveraged crypto companies could negatively impact the traditional banking system (source: @jchervinsky, Twitter, May 28, 2025). However, Chervinsky notes that during the crisis, the crypto economy was largely disconnected from traditional finance, so contagion did not occur. With discussions now surfacing about similar risk scenarios potentially affecting NASDAQ-listed firms, crypto traders should closely monitor any spillover effects into the broader financial markets, as increased interconnectedness could present new volatility and arbitrage opportunities for digital assets.