The US won't hold global power by killing crypto
The sale of Signature Bank to Flagstar minus its crypto assets - confirming a rumor denied by the FDIC - reveals the extent of the US government's drive to kill crypto. But killing crypto won't help it hold global power as the Chinese Renminbi advances.
In this recent collapse, we see banks hit by the falling price of US Treasuries - which banks can hold to meet regulatory capital requirements. As recently as December 2020, the US Federal Reserve was signalling that it did not expect the Federal Funds Rate - the US base interest rate - to rise above 0.1% in 2023. Since then, however, the Federal Reserve has steadily increased interest rates to close to 5%.
This is now patently clear with the sale of Signature Bank to Flagstar, which was reportedly only allowed by The Federal Deposit Insurance Corporation on the latter's promise not to touch crypto ever again. Responding to a Reuters report last week, the FDIC denied that it would only allow a sale if crypto assets were not included, however - low-and-behold - Flagstar's deal does not include Signature's $4 billion of crypto assets.
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