THE HASH: Silicon Valley Bank Shut Down by State Regulators; Meta Reportedly Explores Decentralized App
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 11 March 2023
⏱️ 24 minutes
🧾️ Download transcript
Summary
The most valuable crypto stories for Friday, March 10, 2023.
"The Hash" team discusses the biggest crypto headlines of the day, including Silicon Valley Bank being shuttered by the California Department of Financial Protection and Innovation on Friday, marking the second bank to shut down within days. Plus, Meta Platforms, the parent company of Facebook, is working on a decentralized text-based app, according to a report by TechCrunch.
See also:
A Tale of 2 Banks: Why Silvergate and Silicon Valley Bank Collapsed
Scrutiny Falls on $43B USDC Stablecoin’s Cash Reserves at Failed Silicon Valley Bank
Silicon Valley Bank Shuttered by State Regulators
Silicon Valley Bank Rocks Crypto and Equity Markets Ahead of Jobs Report
Facebook Parent Company Meta Exploring Decentralized App: Report
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Transcript
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| 0:00.0 | This is the hash podcast. Stay informed with the latest on Bitcoin, Eith, the Metaverse, Web3, and more. |
| 0:15.2 | All on the hash for your ears. You're listening to the Coindex Podcast Network. |
| 0:22.5 | Hey there. |
| 0:23.4 | Welcome to Coin Desk TV. |
| 0:24.9 | A crazy Friday is unfolding right before our eyes, and we're going to talk about it. |
| 0:29.9 | It's going to be fun. |
| 0:30.7 | I'm Zach Seward. |
| 0:31.4 | That's Jen Sanasi, Sam Kessler and George Kulutis. |
| 0:34.5 | George is leading us off with the rapid demise of Silicon Valley bank. |
| 0:39.1 | George, what does it all mean? What's going on? The banks. The banks. Don't you dare destroy our |
| 0:44.1 | precious banks. So some senators signed a letter to the U.S. regulators discouraging the use of an |
| 0:49.7 | operation choke point of the crypto industry that the powers of B are allegedly pulling together |
| 0:54.3 | to stymie crypto. |
| 0:55.7 | And as with everything in politics, the timing is hilarious. |
| 0:58.4 | See, the politicians wrote about this iteration of Operation Choke Point yesterday when it seemed |
| 1:02.7 | like, you know, silver gained, signature were the ones that we're going to feel that hurt. |
| 1:06.7 | Well, today it turns out it's not crypto banks that are in trouble. |
| 1:09.1 | It's banks like Silicon Valley Bank, |
| 1:11.5 | destroying with rising interest rates due to what's called duration mismatches |
| 1:15.3 | and to famed totally not evil overlord Peter Keel's founder fund, |
| 1:19.7 | encouraging a bank run. |
| 1:21.3 | Before pulling you back all to crypto, |
... |
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