On to the next one… JPMorgan Chase CEO Jamie Dimon said last week that "this part" of the banking crisis is over after America’s largest bank took over First Republic (the second-largest US bank failure ever). Later, regional-bank shares plunged on concerns over PacWest: like other recently flopped banks, it has lots of uninsured deposits (aka: accounts over $250K). Last week the FDIC proposed broadening deposit insurance for businesses, which could prevent more SVB-style bank runs. If you know your deposit is safe, you’re less likely to panic.
Mining your business… The White House pitched a 30% tax on crypto miners' electricity usage in a stated bid to blunt the industry's environmental impact. (FYI: Last year US miners used as much energy as TVs). But according to crypto cos like Riot and Marathon Digital, the tax could drive business overseas. The proposal follows a brutal year for miners (picture: plunging crypto prices, soaring energy bills) that saw several file for bankruptcy, and comes just as bitcoin regains steam. The OG blockchain saw record transactions just last week.