“The issue is, what is the value of the collateral?” he said. It’s one thing if the collateral is cash, real estate or marketable securities. But when it comes to crypto, “it’s very difficult to tell what the markets are. For example, if they’re holding FTT coins, we know that’s going to have very limited value. So we just need to understand what kind of crypto they’re holding or the kind of collateral they’re holding,” Snyder said, referring the token issued by the failed FTX crypto exchange.