A new story from Bankless
Okay. Oh my God, I didn't know that. Not looking great, not looking great. So the traditional way to kind of I'm going to say bailout, but save depositors as a bank is to have a bigger bank buy it. Buy all the depositors assets, right? And this is saying that maybe any buyer of signature has to agree to give up all the crypto business at the bank. How is this legal? Yeah, I don't know. I don't know. So here is zero hedge commenting on that recent Nick Carter take. Crypto is now a political issue. The Democrats want to crush it. And the Republicans, GOP will use that in 2024. We'll see what that happens when the elections. I hope this doesn't become a left versus right thing. Is congressman Tom emmer Republican saying, today I sent any letter to FDIC chairman grunberg regarding reports that the FDIC is weaponizing recent instability in the banking sector to purge legal activity from the United States. So Tom hammer, a member of Congress, also we are in talks with him about coming on bankless, so we will talk to him directly soon. I think he's coming on next Friday, David. But that is not all. So here's Jake stravinsky tweeting out today the blockchain associate association sent four year request that is freedom of information act request to the fed, the FDIC and OCC demanding information about the unlawful banking of crypto companies. We are collecting evidence of de banking, share your story with us, and he gives an email to do that, de banked at the blockchain association dot org plus a threat. So whether or not that this was a run on signature bank or this was a targeted political takedown of one of the few remaining crypto banks, sounds like we're going to get down to the bottom of it because we have the blockchain association with freedom of information because we live in a democracy. And also a congressman going after this as well. So the sleuths are on the case. We will find this out. We'll see if the allegations are true. Yeah, Jake kravinsky here tweeting their troubling reports of crypto companies having their bank accounts closed with no notice in the explanation. And this is a disturbing trend suggesting that regulators are trying to cut crypto entirely out of the banking system, not legal to target an industry like that and to target a specific set of depositors. David, let's go back to the USD C story though, because that hit crypto, of course, crypto didn't stop trading. USD C was still trading against other stablecoin assets, dropped down to 88 cents. We had Jeremy lair on the podcast earlier. But this is his statement that he issued right after that fed letter was sent out that all depositors at Silicon Valley and signature bank would be made whole. What's the story for USD C here? Yeah, so I've pulled out three tweets out of his thread that I thought were worth stating. 100% of reserves are safe and sound and we will complete our transfer of remaining SVB Silicon Valley bank cached two B and Y melon. Much bigger, bigger bank with a closure bank announced tonight.