BitGo CEO: Clarity’s Failure Poses Systemic Risk Potentially Worse Than Lehman

Belshe's point is structural rather than reputational: the danger he identifies comes from bundling exchange, brokerage and custody in one entity, not from any single balance sheet. That reframes the debate away from firm-level solvency toward market plumbing, where a failure can transmit through functions rather than counterparties. The open question is whether regulators and market participants treat that concentration as a distinct risk category, or continue to assess it through the lens of the entities involved.