Monitoring the US & SVB situation. Temporary storm unfolding. | Blockchain Dream

Monitoring the US & SVB situation.

Temporary storm unfolding. Potential systemic level risk apparent & rising.

SVB going down, is not about crypto. Rather, it could be an extinction level event for part of Silicon Valley, tech startups, VCs, and also some of crypto.

Government stepping in, *swiftly and decisively ensuring coverage of all customer funds*, would be wise and imperative, to temper contagion & minimize potential unfolding chaos.

We know 250k USD/account are insured by the FDIC. Only critical question remains if FDIC will grasp the instrumental importance of covering all customer funds, for preventing potentially significant negative impact to unfold.

From what we know, crypto and especially USDC funds, make a very small fraction of the problem at hand, and while the turmoil will likely last until some clear announcements are made on the working solution, with the right and timely decisions, there is, potentially, a good path for recovery.

Hope by Monday, a constructive solution is announced, and recovery plan begins. Some difficult and complex decisions to think deeply about and process, but there is a path.

Although only a side note and long shot, for now, Elon buying SVB and integrating it into twitter, would make for a fascinating plot twist.