Elon Musk steps in, supporting Woods
Also, prior to the crisis beginning, the SEC regulator sued Kraken and Gemini exchanges for their crypto lending service, and the New York attorney general filed a lawsuit against KuCoin exchange, claiming that Ethereum is a security. Rather than attacking those"decentralized, transparent and well-functioning" financial platforms that have no central point of failure, Wood believes, the regulators should have dealt with the weak points in the traditional banking system. The clear signs of a crisis there have been looming and are similar to the crisis in the 1920s, Wood noted, perhaps referring to the Great Depression that hit the U.S. in 1929.
Twitter chief Elon Musk commented that the situation with banks is now very similar to that back in 1929.Robert Kiyosaki on fall of three top banks The three aforementioned banks are Silvergate, Silicon Valley Bank and Signature Bank. All three of them had cooperated with crypto companies like exchanges. Signature Bank also worked with Paxos, the issuer of the BUSD and USDP stablecoins. Ripple CEO Brad Garlinghouse also made a statement on Twitter to say that the company had small exposure to Signature Bank. The failure of the latter, however, will not impact Ripple's daily transactions.
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elonmusk CathieDWood Planning 2oo8 big for crisis