U.S. regulators may be about to ramp up their actions against banks offering services to crypto companies, Morgan Stanley (MS) said in a research report Wednesday.

The decision by crypto-friendly bank Silvergate (SI) to wind down, citing industry and regulatory developments, shuttered an on-ramp for converting fiat currency into crypto in the U.S., and regulatory action might lead to other avenues being closed too, it said.

Morgan Stanley noted coordinated action by regulators to highlight the risks in American banks offering crypto services. The Federal Reserve, the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) recently issued a statement warning banks to consider liquidity risks related to cryptocurrencies.

“Flows into the crypto sector will slow without the ability to provide on ramps between the fiat and crypto,” analysts Sheena Shah and Kinji C. Steimetz wrote.

Silvergate has been at the “centre of the growth of the crypto industry, as a U.S. registered bank providing crypto services to crypto exchanges,” the analysts said, noting that its shares fell 58% on March 2 after the company said it was evaluating its ability to continue as a going concern, and that it was being investigated by regulators, Congressional inquiries and the U.S. Department of Justice.

The key focus for the cryptocurrency market will now be on the actions of rival crypto bank Signature (SBNY), the biggest crypto exchange Binance, and any further regulatory actions related to specific companies or products, the note said.

Bitcoin (BTC) has dropped below the important $22,200 technical support level, the report added. At time of publication the world’s largest cryptocurrency was trading around $21,700.