As expected, the narrative today from some has been that crypto created contagion in the banking sector. In reality, it was more the banking sector creating contagion in crypto here.

SVB collapse, for instance, was unrelated to crypto.

Silvergate and Signature probably more nuanced. Signature had about 20% crypto deposits I believe.

Seems like we need a consortium to come together to own a bank that will serve all of tech while taking less risk on deposits. Need a management team the OCC will approve as well.