Did the crypto industry want to de-Bank the world?

The crypto industry wanted to de-bank the world. Instead it got de-banked itself. The closureof Signature Bank (ticker: SBNY) by regulators on Sunday effectively shut off one of the last easy options for crypto firms to stay connected to the traditional finance system.

What is a cryptocurrency and how does it work?

Cryptocurrencies are digital assets that rely on an encrypted network to execute, verify, and record transactions, independent of a centralized authority such as a government or bank. Cryptocurrency was developed as an alternative to the dollar, and its functions can make it an attractive investment.

Is crypto controlled by the government?

Cryptocurrencies are usually not issued or controlled by any government or other central authority. They’re managed by peer-to-peer networks of computers running free, open-source software. Generally, anyone who wants to participate is able to. If a bank or government isn’t involved, how is crypto secure?

What if this was an unregulated crypto bank?

“If this was an unregulated crypto bank, then the money could just disappear,” Mr. Marchese said. The fact that the F.D.I.C. stepped in to handle the situation in an orderly fashion showed “the system is working,” he said.