Management of a small bank told me this. Aside from targeting "crypto" beyond the scope of the law (Operation Chokepoint 2.0), he's also mad that responsible banks who wisely avoided long dated HTM securities are being punished by withdrawals as depositors flee to large banks for safety. They did everything right but only the big banks benefit from the moral hazard of these bailouts.
The climate has always been bitcoin unfriendly for the last 7+ years. Clerks trained in most countries to be wary of mentions of bitcoin related transactions. Oeperation chokepoint 2.0 will just probably break the few select allowed services and exchanges that existed last 5 years.
in terms of Balance Sheet management...hmmm something fishy? Avoiding long dated HTM, logic would follow they instead opted for much shorter term duration which didnt get rekt as bad. So even with deposit outflows, having to sell shorter terms bites, itsntot nearly as bad as the entire peer class.
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Incredible. I really wish we could come up with some sort of system where we could eliminate reliance on these powerful people............. Any ideas?
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Unelected officials penalizing good actors to subsidize the poor decisions of bad actors and giving them strategic/economic benefits after they've proven their incompetence.
This is America's free economy built by this freedom loving democratic capitalist nation.
Ironically socialist no?...
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