So the $342B question is…does the US govt/Federal Reserve/FDIC bailout Silicon Valley Bank and its customers which include crypto companies, in which case they now have directly supported and bailed out crypto heading into what will be a tense election year, OR, do they let it collapse and teach other banks about counterparts risk and deal with contagion later?

Remember, they bailed out Bear Stearns so JPM could acquire them, but ultimately let Lehman fail. Which happens here? They’ve seen this movie and remember Powell comes from the private equity sector. He knows the game quite well and probably almost all the players. Oh to be a fly on the wall in that office!