Many of you may remember my reporting around “Operation Choke Point 2.0” from the spring of 2023; TLDR, Biden’s financial regulators, namely the Fed, FDIC, and OCC, launched a crackdown on banks covering the crypto space.
The first casualty was Silvergate Bank, which voluntarily liquidated. The standard reporting around Silvergate was that the bank lent to crypto depositors and those depositors were flighty; when rates rose, Silvergate suffered M2M losses on bond portfolios and ended up insolvent.
Except that’s not true. Silvergate weathered the storm, even though short sellers and members of Congress like Sen. Elizabeth Warren (D-Mass.) encouraged a bank run based on rumors that Silvergate had criminal exposure to FTX. The company has since been cleared of those allegations.
They are targeting your livelihood and making it impossible for you to operate normally, by making banking inaccessible/expensive.
