Fed Governor Bowman Discusses Bank Survival and Deposit Insurance

According to Odaily, Federal Reserve Governor Michelle Bowman stated that the Fed is not responsible for ensuring the survival of every bank. She emphasized the importance of thoroughly examining deposit insurance, suggesting that the current $250,000 limit may not be a 'magic number.' Previously, Castle Island Ventures partner Nic Carter commented that Silvergate Bank, a crypto-friendly institution, might have survived if not for the forced voluntary liquidation by U.S. regulatory agencies aiming to stifle the cryptocurrency industry. Carter cited Silvergate's recent bankruptcy filing and conversations with sources indicating that the Biden administration had instructed the bank to limit crypto deposits to 15% or face consequences.