{"id":563200,"date":"2023-03-13T23:00:00","date_gmt":"2023-03-13T20:00:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/silvergate-and-svb-bite-the-dust-law-decoded-march-6-13\/"},"modified":"2023-03-13T23:00:00","modified_gmt":"2023-03-13T20:00:00","slug":"silvergate-and-svb-bite-the-dust-law-decoded-march-6-13","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/silvergate-and-svb-bite-the-dust-law-decoded-march-6-13\/","title":{"rendered":"# Silvergate and SVB bite the dust: Law Decoded, March 6\u201313."},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2fb0926d3d5\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2fb0926d3d5\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/silvergate-and-svb-bite-the-dust-law-decoded-march-6-13\/#%E2%80%9D_Silvergate_and_SVB_bite_the_dust_Law_Decoded_March_6%E2%80%9313_%E2%80%9C\" >&#8221; Silvergate and SVB bite the dust: Law Decoded, March 6\u201313.  &#8220;<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/silvergate-and-svb-bite-the-dust-law-decoded-march-6-13\/#Biden_budget_proposes_30_tax_on_crypto_mining_electricity_usage\" >Biden budget proposes 30% tax on crypto mining electricity usage<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/silvergate-and-svb-bite-the-dust-law-decoded-march-6-13\/#%E2%80%8B%E2%80%8BStablecoins_and_Ether_are_%E2%80%98going_to_be_commodities_reaffirms_CFTC_chair\" >\u200b\u200bStablecoins and Ether are \u2018going to be commodities,\u2019 reaffirms CFTC chair<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/silvergate-and-svb-bite-the-dust-law-decoded-march-6-13\/#China_announces_plans_for_a_new_national_financial_regulator\" >China announces plans for a new national financial regulator<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Silvergate_and_SVB_bite_the_dust_Law_Decoded_March_6%E2%80%9313_%E2%80%9C\"><\/span>&#8221; Silvergate and SVB bite the dust: Law Decoded, March 6\u201313.  &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDMvMjQ0NzkwNWQtMmFhOS00NzI0LWFjY2UtMWEyODUwNjgyYzg2LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-48054ca8>Last week, another major quake shook crypto markets. Silvergate Bank \u2014 a crypto-fiat gateway network for financial institutions and a significant on-ramp for cryptocurrencies in the United States \u2014 shut down operations due to liquidity problems.\u00a0<\/p>\n<p>A couple of days later, another \u200b\u200bFederal Deposit Insurance Corporation-insured institution, Silicon Valley Bank (SVB), was shut down by California\u2019s financial watchdog. The bank provided financial services to several crypto-focused venture firms, including Andreessen Horowitz and Sequoia Capital, with USD Coin (USDC) issuer Circle holding around 20% of its reserves with the bank. Following the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a>, USDC depegged and lost over 10% of its value in 24 hours.<\/p>\n<p>Some lawmakers, well known for their hostility to crypto, quickly attacked the industry. Senator Elizabeth Warren called Silvergate\u2019s failure \u201cdis<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ointing, but predictable,\u201d calling for regulators to \u201cstep up against crypto risk.\u201d Senator Sherrod Brown shared his concern that banks involved with crypto were putting the financial system at risk and reaffirmed his desire to \u201cestablish strong safeguards for our financial system from the risks of crypto.\u201d <\/p>\n<p>The most important commentary, however, came on Sunday when United States Treasury Secretary Janet Yellen revealed that authorities were not considering a major bailout of Silicon Valley Bank. According to Yellen, the Federal Deposit Insurance Corporation is considering \u201ca wide range of available options,\u201d including acquisitions from foreign banks.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Biden_budget_proposes_30_tax_on_crypto_mining_electricity_usage\"><\/span>Biden budget proposes 30% tax on crypto mining electricity usage<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Crypto miners in the U.S. could be subject to a 30% tax on electricity costs under a budget proposal by U.S. President Joe Biden to \u201creduce mining activity.\u201d According to a Department of the Treasury supplementary budget explainer paper, any firm using resources \u2014 whether owned or rented \u2014 would be subject to an excise tax equal to 30% of the electricity costs used in digital asset mining. It proposed the tax would be implemented after Dec. 31, phased in over three years at a rate of 10% a year, reaching the max 30% tax rate by the third year.<\/p>\n<p>Continue reading<\/p>\n<h3><span class=\"ez-toc-section\" id=\"%E2%80%8B%E2%80%8BStablecoins_and_Ether_are_%E2%80%98going_to_be_commodities_reaffirms_CFTC_chair\"><\/span>\u200b\u200bStablecoins and Ether are \u2018going to be commodities,\u2019 reaffirms CFTC chair<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Stablecoins and Ether are commodities that should come under the purview of the United States Commodity Futures Trading Commission (CFTC), according to the commission\u2019s chairman, Rostin Behnam.<\/p>\n<p>In a recent hearing, senators questioned Behnam about the differing views held by the CFTC and the Securities and Exchange Commission (SEC) following the CFTC\u2019s 2021 settlement with stablecoin issuer Tether. Behnam said, \u201cIt was clear to our enforcement team and the commission that Tether, a stablecoin, was a commodity.\u201d Behnam\u2019s most recent comments oppose a view held by SEC chair Gary Gensler, who claimed that everything other than Bitcoin (BTC) is a security \u2014 a claim multiple crypto lawyers rebuffed.<\/p>\n<p>Continue reading<\/p>\n<h3><span class=\"ez-toc-section\" id=\"China_announces_plans_for_a_new_national_financial_regulator\"><\/span>China announces plans for a new national financial regulator<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The Chinese government reportedly has plans for a regulatory overhaul, including introducing a new national financial regulator. The reforms would mean that \u200b\u200bits current banking and insurance watchdog \u2014 the China Banking and Insurance Regulatory Commission \u2014 will be abolished. The responsibilities of this commission will be moved to a brand new administration, as will particular functions of the central bank and securities regulator.<\/p>\n<p>This announcement follows a call for reforms for party and state institutions in China from President Xi Jinping. These reforms will also include a bureau for sharing and developing data resources, which will partly replace the duties of the current Office of the Central Cyberspace Affairs Commission.<\/p>\n<p>Continue reading<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/silvergate-and-svb-bite-the-dust-law-decoded-march-6-13\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Silvergate and SVB bite the dust: Law Decoded, March 6\u201313. &#8220; Last week, another major quake shook crypto markets. Silvergate Bank \u2014 a crypto-fiat gateway network for financial institutions and a significant on-ramp for cryptocurrencies in the United States \u2014 shut down operations due to liquidity problems.\u00a0 A couple of days later, another \u200b\u200bFederal&#8230;<\/p>\n","protected":false},"author":1,"featured_media":563201,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2023-03\/2447905d-2aa9-4724-acce-1a2850682c86.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75422,81188,74898,141268,141269,17318,70934],"class_list":["post-563200","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-cftc","tag-janet-yellen","tag-sec","tag-silvergate","tag-svb","tag-india","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/563200","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=563200"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/563200\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/563201"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=563200"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=563200"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=563200"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}