Banks and crypto can coexist (yes, even in a hyperbitcoinized world) and they will and should. gckaloudis writes.
To be clear, the regulators and politicians didn't actually say crypto exchanges and companies shouldn’t be banked, but they injected uncertainty into the industry. And the funny thing about Silvergate is that it didn’t run into issues because it was making loans using bitcoin and crypto as collateral. It ran into issues because of a bank run. A bank run encouraged by the U.S. government.
This is where a good argument about the potential ill effects of Choke Point 2.0 comes into play, to use CoinDesk columnist and venture capitalist. I’m not going to dive into the intimate details of Choke Point 2.0 , but I want to tackle the banking problem in engenders.Silvergate’s issues have made it somewhat obvious now that crypto does in fact have a banking problem.
There will, of course, be a hardcore subset of self-sovereign individuals who buck third parties entirely, but there are billions of people in this world. Organization of those people is far easier with some reliance on third parties. The world that bitcoin and crypto can encourage is a world where those third parties are more honest. More honest banks in the business of keeping your money safe and providing responsible lenders access to future capital is better than fewer honest banks.
While I don’t think this is a good thing, it can be if not overdone. If there is a higher bar for banking access for crypto companies that leads to more thorough diligence that somehow results in fewer bad companies in the ecosystem, ultimately retail will be safer and the system less sensitive to future crypto shocks.
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