HOW THE WAR ON CRYPTO TRIGGERED A BANKING CRISIS

According to an article in American Banker titled “SEC’s Gensler Directly Links Crypto and Bank Failures,” SEC Chair Gary Gensler has asked for more financial resources to police the crypto market. Gensler testified at an April 18 House Financial Services Committee hearing:

[Crypto companies] have chosen to be noncompliant and not provide investors with confidence and protections, and it undermines the $100 trillion capital markets …

Silvergate and Signature [banks] were engaged in the crypto business — I mean some would say that they were crypto-backed …

Silicon Valley Bank, actually when it failed, saw the country’s — the world’s — second-leading stable coin had $3 billion involved there, depegged, so it’s interesting just how this was all part of this crypto narrative as well.

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