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Welcome back to the show everybody well We've got the news for you today this Silicon Valley Bank and Signature Bank Debacle The Bank runs the collapse now The Federal Government steps in U.S treasury and by The way we've got Jeremy Lair from Circle setting the record straight and Brad garlinghouse about the exposure to Ripple from all of it somebody roll that Beautiful intro Digital perspectives with Brad kimes Come on in Welcome back to the show everybody you Can follow us on Tick Tock YouTube and Twitter for exclusive content right now 978 billion dollar market cap for crypto It's up 1.8 percent good morning Everyone what a weekend it's been and I Tell you buckle up because I don't think It's all over yet either I think we're Just getting started here Bitcoin 20 400 Plus ethereum 1465 and change tether Market cap 72.1 plus billion And xrp 35 cents it's off point eight in The last 24 hours and 4.2 in the seven Day let's take a look at this boy I tell You what Jason Collins from glint here If you want to get gold and you want to Be able to hold it and your account and Have an app on your phone and a MasterCard debit card to go with it This is what I like about it because on My own level I get to be my own little
Bank with my own gold and it's real Physically allocated gold and during Times like what we're seeing right now I tell you what I think I'm going to be Topping off my card just my digital Perspectives here it says you may have Seen in the new Silicon Valley Bank has Collapsed with its failure being Overseen by the U.S and the UK Regulators we'll get into that in a Moment too Please be assured that glint client Money is not held with any Svb bank that's what's going on today Right there so know that check out the Link of my sponsor underneath check it Out see if it's right for yourself I Absolutely love it Compliments a digital asset investor at Michael Branch give him a follow right Here well capitalized with Reserve Fractional banking yeah right Yellen affirmed the banking system was Really safe and well capitalized as As well as resilient and I tell you And here's why Because this is from the federal Board Of Governors here shout out to Nick for This one here Signature Bank has been Closed all depositors of Silicon Valley Bank and Signature Bank will be fully Protected shareholders and certain Unsecured debt holders will not be Protected
New fed 13-3 facility announced with 25 Billion dollars from ESF to backstop Bank deposits And that's why they're so resilient She spent a lot of time yesterday too She came out earlier in the day and said We're not going to do anything Then they change their tune Triple advisor here Anthony welfare says No No there is risk Not very very big in all Western Economies welcome to 2023 He shares here this and it's uh Mr Hunt Said from the bank of England has made It very clear there is no systemic risk To our financial system so people should Be reassured on that basis but there is A serious risk to our techno technology And Life Sciences sectors You know uh that then let's quickly look At this too because this is what Happened over in the UK The banking giant HSBC announced that It's UK arm is acquiring Silicon Valley Bank UK Limited and it's 121 shares what We got here and if you go into it that's Basically what they did is they picked It up for one pound and they basically Talk about the fact that now it is Backed by the full confidence of HSBC Now that's svb UK right Silicon Valley Bank UK Now we know that obviously the FED is
Bailing out uh Signature Bank and svb as Well This Is what is going on here And I don't know you could say it any Better or more succinctly than he said It right here Shout out to meadowlaw man James Murphy We've had him here on the show and we Hope to have him again very soon the U.S Government's coordinated plan to Officiate asphyxiate the digital asset Ecosystem continues a pace That's exactly what I think is happening Here now that Silver Gate bank and svb Have failed many of the major players in Crypto exchanges stable coin issuers Miners hedge funds Etc have shifted Their liquidity over to Signature Bank Which of course puts a big fat Target on The back of Signature Bank for Bank Regulators which has now been closed If you care about the survival of crypto In the U.S You may want Or you might want to say A prayer for Signature Bank He even goes on to say here even if You're a committed self-custody holder The availability of Fiat on and off Ramps is a critical component of healthy Digital asset ecosystem you know this is Very similar to the conversation I had With uh meta Lawman on our show
We talked about the SEC versus Ripple Case and where it was at the time when We spoke and then we went on to speak About how we thought the government Would take control of this space And bring it into the arms of the Legacy Firms out here And I suggested and still suggest that USD tether has to have a Day of Reckoning or blessing one or the other From the U.S treasury Department of Justice so forth The Fed And when I think of what we're seeing This weekend I think that what we saw Here is that we've seen the U.S Governments literally Step In One Step Beyond that and say well we we could Create that choke point at the banking Level And don't even have to worry about USC Tether at this point that that could be Another conversation for another day but Look at what they did This is massive because to the point That metal law man's making here is you Have literally just You know you just strangleholded crypto And everybody in it expiciated Everybody I mean it's all now sitting at The at the at the government store step On what happens next picking the winners Picking the losers right This is this is the moment
I don't want to say that we've all been Waiting for but we knew was coming right I don't want to see anyone harmed or Hurt and and I take no pleasure in Saying any of this stuff but This moment was not unforeseen it's just We don't know how big and how long it Lasts and who the winners actually will Be in a second we'll hear from Brad Garlinghouse but right now let's hear From Circle stablecoin issue a circle Internet Financial said Monday that U.S Is 3.3 billion in USD coin Reserve Deposits held at the failed Silicon Valley Bank will be fully recovered when Banks open on Monday in the U.S and they Said that they'll go into their own Pocket to do what they need to to make That right and I'm glad to hear that Obviously so here we have this now cross River bank is circles usdc's new partner For automated settlements Not too long ago Cross River Bank Integrated Ripple for real-time International payments This is after about nine hours ago Jeremy alaire from Circle said that the Circle usdc's operations will open for Business on Monday morning including With new automated settlement their new Partnership with cross river bank so There you go knee bone connected to the Leg bone is what we're looking at shout Out to xrp crypto what for that and Brad
Garlinghouse setting the record straight On Silicon Valley Bank questions here He says Ripple had some exposure to svb It was a banking partner and held some Of our cash balance fortunately we Expect no disruption to our day-to-day Business and already held a majority of Our USD with a broader network of Bank Partners thank goodness Obviously a lot is still unknown about What happens with svb and as is the case With many others we hope to have more Details soon But rest assured Ripple remains in a Strong financial position As a shareholder I love hearing that He goes on to say here it's ironic that So much of what's Happening as companies Scramble to make payroll highlights how Broken our financial systems still are I.E wires are still not 24 7 365. rumors Lead to collapse and the friction of Moving money within a deeply fragmented System You know I I said this the other Yesterday I believe it was Right is that you know not making light Of anything you know it's like how Important Would it be To Banks right now if they were able to Access dormant Capital that's been Locked up so they can make cross-border Payments
How much would that mean to a bank today I bet it means an awful lot I really do And to that point John Deaton picks up on this as well he Says is it me or did Ripple's CEO just Say that this crisis highlighted Desperate need for a disruptive Technology that modernizes the U.S Banking system And he sure did And rightfully so Having the FED constantly bail out Entities is not a solution make right There I could tell you that much And honestly all of this comes from Fractional lending right Oh brother it's not over ladies and Gentlemen now we have to watch out for What's going on here shout out to Eleanor Tara from this one this is new From the U.S treasury now the council Has discussed the funding This Federal Reserve board was making Available to eligible depository Institutions to ensure that Banks saving Associations and Credit Unions have the Ability to meet needs of all their Depositors It says here the council also discusses The funding the Federal Reserve board Was making available to eligible Depository institutions to assure the Bank Savings association's credit loans
Ability and need of all their depositors The new facility will be significant Source of liquidity collateralizing high Quality Securities to eliminate a Banking institution need to quickly sell Those Securities in time of stress this Will bolster The capacity of the banking system to Safeguard deposits you know you have to Ask yourself like how is this not Already a thing How right And then it goes on here to say if you Just really want to get right to it the Financing will be made available through Listen to this the creation of a new Bank term funding program known as btfp It sounds like they're just doing more Of the same Offering loans to up to one year in Length to Banks and then it lists Obviously everybody there these assets Will be valued at par qualifying assets Is collateral you get the rest of it It's like I tell you at some point They're going to have to deal with the Fractional lending as the real issue to All of this but rest assured they're Going to blame crypto That's what they're going to blame here And then the government's going to come In and do whatever they want and pick The winners and losers just like they Did this weekend
Not Financial advice for me or anyone Else it's just my digital perspectives I'll catch all of you On the next one