Howard A. Fischer authored an Opinion titled, "Will the Next Financial Crisis be the Crypto Crash?" which was published in Grip

As digital assets gain mainstream attention, including potential inclusion in 401(k) and other retirement plans, some observers worry about history repeating itself. Increased investor participation could amplify the impact of any significant price correction, raising the risk of broader financial instability.

Recent developments make this scenario more plausible. President Trump’s August 2025 Executive Order encourages alternative assets, including digital assets, in defined contribution plans. With $12 trillion in such plans and only around $4 trillion in total cryptocurrency market cap, demand could outstrip high-quality supply, potentially pushing investors toward riskier tokens.

Stablecoins introduce another layer of systemic risk, reminiscent of pre-Civil War currency instability, especially if some coins lack sufficient reserves. Combined with SEC Chair Atkin’s observation that only a few digital assets fall outside securities oversight, the expansion of digital assets comes with lighter regulatory scrutiny.

While a digital-asset-triggered financial crisis isn’t certain, growing adoption and relaxed oversight make the possibility more real.