Good reading, thanks Preston. I suspect banks will have a clause along the lines of ‘return the assets (bitcoin) OR the dollar equivalent’ in the case of distress. However this may also be the return to sound money banking as failures result in people demanding 100% deposits
An article I wrote on why Bitcoin rehypothecation should be illegal for TBTF banks now that SAB 121 was rescinded. And yes, I know, Bitcoin doesn't need laws. But I also know that all your grandmas will probably have exposure to Bitcoin through an ETF. So this is for all your grandmas.
https://egodeath.capital/blog/too-big-to-fail-banks-amp-bitcoin-custody
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