Sources: spooked by a growing regulatory crackdown, US banks are backing away from crypto companies and re-evaluating their exposure, no matter how small
SEC and banking overseers step up scrutiny following collapse of FTX — Crypto's Crash Has Been Swift but Largely Self-Contained. Here's Why.
“Silvergate went all-in on crypto and doesn't have the other revenue sources, as Signature does. It lost the bulk of its crypto deposits in a run on the bank last quarter and is cutting jobs and shrinking its business” $SI https://www.wsj.com/...
Serving crypto is becoming untenable for some banks as regulators needle them on the risks and the SEC targets the clients. W/@RachelEnsignWSJ https://www.wsj.com/...
That the SEC's crypto-efforts chill innovation and force crypto overseas is bunk. Crypto's not innovation, it's a Ponzi-like plague of grift & predatory inclusion. And forcing crypto overseas is akin to forcing heroin manufacturing overseas. Good riddance. https://www.ft.com/...
> “The US's crackdown on crypto has become far more aggressive than what we have seen from regulators in many other major jurisdictions” https://www.ft.com/...
Oh hey, look, the crypto industry is going to get its wish of being bankless like they always wanted. We'll see how long the Ponzi can sustain itself being starved of real dollar inflows. Methinks not long. https://www.wsj.com/...