Commentary
We have seen several banks fail in the last few days. The failures seemingly came out of nowhere. However, there are a few commonalities among the banks that failed. I will try and connect some dots for you. I listened to a livestream from law firm Foley and Lardner. Partner Pat Daughterty said that all three banks had relationships with the cryptocurrency community. Biden appointee Gary Gensler, chairman of the Securities and Exchange Commission (SEC), was trying to break the on-and-off ramps between the cryptocurrency community and any fiat banking agency. Silvergate was first to fall. Then Silicon Valley Bank.  Then Signature Bank, in New York, where former Rep. Barney Frank (D-Mass.) was a board member. On Mar.13, Silicon Valley Bank’s largest competitor First Republic failed….