On Sunday US regulators preemptively closed a third bank, Signature, that is the second-biggest crypto-focused FDIC bank after Silvergate. No doubt high interest rates are purging the system and crypto and speculative tech are the first to go.
However, isn't this also how the US government attacks organized crime and "terrorist" states? Cut off the funding and the system withers. No more registered crypto banks, then no more registered crypto companies, then no more mass adoption.
I've been trying to get past false dichotomies. This doesn't have to be either an overlevereged system or a government plot, it could be both. Maybe they're seizing this opportunity to do what they were planning to do anyway.
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