cryptoninjas

SAB 121 has been rescinded.

Bitcoin is now a digital ASSET.

Banks no longer required to allocate "reserves" to balance out Bitcoin as a "liability" on the balance sheet.

Now the issue is who is going to trust fractional reserve bankers to custody their bitcoin while they rehypothecate your pristine collateral in the background to "earn yield" on the dead asset ☠️

When they eventually need their bailout, because they cant print Bitcoin, you'll be compensated in USD at the liquidation price ⚠️

Much like how FTX creditors got a portion of the USD value of their BTC at $16K crisis price instead of the ~$30K price it quickly recovered to 🤢🤮

IMHO fractional reserve banking practices, including rehypothecation, are unacceptable for Bitcoin.