The US government is already trying to blame crypto as the cause for the banking failures - 3 banks which failed over the course of a last week.

These are all the articles that are doing the round since yesterday's bailout:

Barney Frank sees crypto as a common element in bank failures

This sinister article above, where Barney Frank (the guy who established Dodd-Frank act) tried to pin all the blame on crypto. In reality, all the failures were due to these banks holding treasuries and not because of crypto.

Banks are regulated and legally cannot hold any crypto, nor do they hold any crypto. They have no losses from holding cryptos, nor any bad loans or investments in crypto companies. These banks have been shuttered because they ran up big losses on their treasury portfolios.

Other articles:

\"Risky bet on crypto\" tanks signature bank

Regulators force close crypto focussed bank!

WSJ: crypto crypto!!

In reality, crypto has nothing to even do with these bank failures. None of the banks held cryptos in their balance sheet, they all held treasuries, and they mismanaged their risk and poor regulation allowed a run on these banks. They posted huge losses on their treasuries portfolios, owing to which these banks werent able to honor redemptions.

Yet all the articles speak about crypto! Crypto is the biggest scapegoat right now, and the administration is trying its best to pin all the bank failures on crypto.

Coming to these banks, SVB - silicon valley bank had major exposure to VC backed companies. They had little to do with crypto at all.

Silvergate and Signature bank were crypto friendly banks, but their asset liability mismatch has nothing to do with crypto. Infact many believe that Signature bank was on track to honor its redemptions but was force closed by the government, just so that they can pin all of it on crypto while at the same time off ramping one of the crypto-friendly banks.

Nic Carter: They gutted Signature so Biden admin could pin it on crypto tomorrow

Chase Perkins: Signature Bank didn’t fail, regulators capitalized on the opportunity to shutter a crypto friendly bank, using the downfall of Silvergate and SIVB as cover. Actions taken are nothing short of nefarious central planning, per directive of Operation Choke Point 2.0.

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Yellen Admits Bank Failures Are Due To Loss In Value of Treasuries:

In an interview yesterday. Secretary of Treasury admitted that the bank's problems were due to loss in market value of treasuries and MBS

Yet the articles are just coming out where the headlines make it sound as if its all to do with crypto.

The Fed almost never takes any responsibility for the failures they cause. From their relentless QE/buying junk assets for a whole decade, to claiming inflation was transitory and allowing inflation to peak at 7%, to now unprecedented rate hikes causing damage to the economy, they have never taken responsibility for any of the major mistakes that have snowballed into economic crisis.

And now they have a ready made scapegoat who they can pin all the blame on - crypto!