Cameron Winklevoss claims regulatory double standards over banking crisis

Cameron Winklevoss, the co-founder, and CEO of New York-headquartered crypto speech Gemini, has accused U.S. regulators of perpetrating treble standards successful handling the First Republic Bank crisis. 

According to Winkelvoss, if First Republic had been a “crypto bank” it would person been “assassinated weeks ago.”

It is important to enactment that First Republic initially began experiencing “structural challenges” with its equilibrium expanse astatine the clip that Silicon Valley Investment Bank and Silvergate Bank were being closed down by national regulators oregon winding down operations. 

First Republic Bank is down different 35% and falling fast. If this was a "crypto" slope it would person been assassinated weeks ago. The information that is hasn't been taken into receivership shows conscionable however blatant the treble modular is.

Winklevoss’s claims align with a bid of caller letters penned by 3 Republican members of the United States House of Representatives Financial Services Committee successful an effort to question further accusation connected imaginable coordinated efforts taken against crypto companies operating connected U.S. soil.

According to a report from CNBC connected April 26, the advisors to First Republic volition present question to coax larger U.S. banking institutions — which person already sent the embattled steadfast much than $30 cardinal — into providing much fiscal assistance owed to the authorities refusing to instrumentality the slope into receivership. 

Both Silvergate and Silicon Valley Bank were taken into authorities receivership connected March 8 and March 10 respectively.

Advisors astatine First Republic reportedly said that the existent backstage marketplace solution to the firm’s liquidity problems would spot the slope stay successful operation. However, authorities receivership is being referred to arsenic the “closed-bank” scenario.

Charles Gasparino, Senior Correspondent astatine Fox News informed his 160,000 Twitter followers connected April 26 that the “private bailout” is being pushed by the U.S. Treasury Secretary Janet Yellen who doesn’t privation to bail retired depositors with authorities funds arsenic they did with Silvergate and Silicon Valley Bank.

Scoop: Execs astatine banks progressive successful the @firstrepublic imbroglio accidental latest backstage assemblage bailout is really being pushed by @SecYellen & Co who, unless pushed to the brink, dont privation to beryllium bailing retired ALL depositors arsenic they did w SVB and Signature. Still a dense lift. Developing

Related: First Republic Bank dives different 20% with Bitcoin ‘ready for $40K’

Things came to a caput for First Republic connected Monday, April 23, erstwhile the beleaguered steadfast reported successful its Q1 net telephone that full deposits had plummeted by much than $100 billion. The steadfast stated that it would beryllium “pursuing strategical options” to fortify its fiscal lasting arsenic rapidly arsenic possible.

Since Monday, shares successful First Republic Bank person collapsed much than 64%, falling from $16.14 to conscionable $5.68 astatine the clip of writing.

First Republic Bank stock terms since Feb. 2, 2023. Source: TradingView.

The downfall of First Republic Bank is believed to beryllium providing a tailwind for concern into Bitcoin and different cryptocurrencies, arsenic investors turn progressively distrustful of centralized banking institutions.

At the clip of penning Bitcoin (BTC) was trading for $29,279 up 7% implicit the past 7 days according to data from the Cointelegraph Price Index.

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