The 2nd Biggest Bank Failure In American History: Silicon Valley Bank Is No More

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 11 March 2023

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Just days after Silvergate announced an orderly winding down, Silicon Valley Bank has come to a very disorderly end. Today, California regulators stepped in to put the bank in FDIC receivership. NLW explains how we got here and what it might mean. Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW - “The Breakdown” is written, produced and narrated by Nathaniel Whittemore aka NLW, with editing by Michele Musso and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsor today is “Foothill Blvd” by Sam Barsh. Image credit: Justin Sullivan / Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8. Join the most important conversation in crypto and Web3 at Consensus 2023, happening April 26-28 in Austin, Texas. Come and immerse yourself in all that Web3, crypto, blockchain and the metaverse have to offer. Use code BREAKDOWN to get 15% off your pass. Visit consensus.coindesk.com.

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.2	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:15.3	The breakdown is produced and distributed by CoinDes.
0:20.3	What's going on, guys? It is Friday, March 10th, and today we are staring down the barrel
0:25.1	of the second biggest bank failure in American history. Before we get into all that, though,
0:30.3	if you are enjoying the breakdown, please go subscribe to it, give it a rating, give it a review,
0:34.2	or if you want to dive deeper into the conversation, come join us on the Breakers Discord. You can find a link in the show notes or go to bit.ly slash breakdown pot.
0:42.3	All right, well, friends, it is moments like this that the news comes so fast that even a daily
0:47.8	podcast can barely keep up. As I mentioned yesterday, I'm using YouTube to try to fill in the gaps
0:53.5	with some faster content. So if you were interested in that, search breakdown NLW or Nathaniel Widemore,
0:58.4	and you will find it. Now, to give you a sense of just how crazy things are right now,
1:02.3	a hearing led by Republicans whose main thrust was to ask whether there is collusion in
1:07.3	the government's attack on crypto is not our main story. Neither is the New York
1:11.9	Attorney General asserting in a lawsuit against exchange coup coin that Ethereum is a security.
1:17.4	And if you had asked me, if there could be a day where the U.S. government or a representative
1:21.3	thereof decides to go after Ethereum as a security and it wouldn't be the thing to cover,
1:26.4	I might not have believed you. However,
1:28.2	here we are, and it turns out that the potential for the systemic failure of the banking sector
1:32.4	trumps just about everything else. So for those of you who missed yesterday's show, this week,
1:38.0	Silvergate Bank threw in the towel after a brutal last few months. The narrative for people
1:42.2	who were outside of crypto was that this was just the inevitable consequence of being involved with such a risky, suspect industry. For folks
1:48.4	in the crypto industry, the same people who were saying that previous argument needed to share a
	...

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