Janet Yellen Vows to Safeguard Deposits at Smaller U.S. Banks


We're gonna get you up to speed on all that's going on in the world of crypto. Finance, and more, including some comments from the treasury secretary. Is that right? The Janet Yellen say something will. What's going on? That's right. We got a nice Bloomberg scoop to start off the day. Talk about how the FDIC is actually looking to move beyond the $250,000 ensure level for all deposits at most banks. They're looking to basically enact some pretty extreme measures in the wake of both SVB and signature bank being taken over by FDIC and also silver gate voluntarily winding down operations. There's a lot of contagion in the banking sector and they want us to have any more of that from occurring. So we're looking to ease the fears of depositors by increasing the insurance levels to what seemingly are extreme amounts. I don't know, Wendy, your take on it, it seems like this is like a pretty wild step. But it might be necessary given that there's a lot of fear out there in the banking sector. So this was this story was in regards to them using an old law from the 1930s, right? Well? Okay. So with that being said, I don't like all of these random laws that we have in our government. But at the same time, if this is going to help protect retail, if this is going to help protect taxpayers, because taxpayers are going to suffer the burden anyways. No matter what happens, if the banks get bailed out, taxpayers are going to be banks don't get bailed out. Taxpayers are going to get hurt anyway. So I guess I'm kind of okay with them using this law to help the underdogs. But at the same time, it makes me a little bit worrisome because we see them using some of these old laws and these old caveats to kind of destroy crypto and halt the growth in our industry. So I'm a little bit on the fence about it, but at the same time I do want to see retail win and I do want to see people get their money back

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