Is the FTX Collapse Creating Further Problems for Crypto Companies?

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The collapse of Silver Gate and Signature, two key links for the crypto ecosystem to move into the kind of regular banking system. I think these are slow motion dominoes for crypto in some ways or sort of like a lot happens all at once. And then there's maybe a couple weeks of quiet, but, you know, the FTX story certainly isn't over. So it takes time sometimes for the second and third order effects, I think, to be felt or to see, to really find out who owes whom.

Paris Marx is joined by Jacob Silverman to discuss the collapse of Silicon Valley Bank, how it’s part of a larger crisis in the tech sector, and why it’s turning people against the industry’s venture capitalists.

Jacob Silverman is a journalist and the host of The Naked Emperor, a new CBC podcast. Follow Jacob on Twitter at @SilvermanJacob.

Tech Won’t Save Us offers a critical perspective on tech, its worldview, and wider society with the goal of inspiring people to demand better tech and a better world. Follow the podcast (@techwontsaveus) and host Paris Marx (@parismarx) on Twitter, and support the show on Patreon.

The podcast is produced by Eric Wickham and part of the Harbinger Media Network.

Also mentioned in this episode:

Jacob wrote about the lessons from the Silicon Valley Bank collapse in the Globe and Mail.
Paris wrote about how the SVB collapse should be a radicalizing moment against venture capitalists.
A video circulated about Jason Calacanis bragging about SVB offering him favorable banking services.
A screenshot shows a founder complaining about Chase closing his bank account because his company doesn’t have a physical office, saying SVB never required one.
Peter Thiel’s Founders Fund told its portfolio companies to pull their money out of SVB before its collapse.
SVB’s President pushed for Congress to reduce regulations and oversight on banks like SVB as it grew.

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