The Panic of 1907 caused a brief but severe recession, and lots of solvent but illiquid businesses collapsed or were on the brink of collapse, saved only by the

The Panic of 1907 caused a brief but severe recession, and lots of solvent but illiquid businesses collapsed or were on the brink of collapse, saved only by the personal intervention of JP Morgan. People realized it made sense to have a "lender of last resort", who would lend freely against good collateral, albeit at a penalty interest rate. Hence the Fed was born. In the crypto crash, everything seems so far contained to crypto itself, and a few ancillary businesses like Coinbase. Some diamond-hands hodlers are poorer, but unless this spills into the broader economy I very much doubt we see a Central Bank of Crypto anytime soon.