Gemini Co-Founder Criticizes US Banking System!

based in the United States cryptocurrency Tyler Winklevoss, co-founder of the Gemini exchange, criticized the banking system in his country in a series of tweets.

Gemini founder; He stressed that the government only protects the largest banks and leaves the rest alone with risks.

1/ The US banking system is a modern-day caste system. There are those who are banked by Bulge bracket banks. There are those who are banked by regional banks. And there are those who are banked by no bank at all.

— Tyler Winklevoss (@tyler) March 17, 2023

Winklevoss stressed that US financial institutions divide the banking system into three as bulging banks, regional banks and unaccounted banks. According to the crypto phenomenon, this classification is similar to the caste system.

The Gemini founder stated that individuals with assets in giant banks should definitely not worry. Because these banks are too big to fail.

“The government does not allow giant banks to fail in any way and immediately rushes to help.”

Regional Banks at Risk

Tyler Winklevoss questioned why the treatment of giant banks was not applied to regional banks. Because in such financial institutions, not all deposits are guaranteed for customers. The FDIC only insures $250,000 of deposits at regional banks.

Third-class, unaccounted banks, as stated by the Gemini founder, do not have any government guarantees. According to Winklevoss, this does not create an even playing field.

Tyler Winklevoss made the following comment about the deposit guarantee measure taken by the government for Silicon Valley Bank, which was recently terminated:

“The American government has done a great job of preventing the banking crisis. They became heroes by suppressing the crisis they started themselves.”

Crypto-lovers commenting under the tweet series prepared by Gemini co-founder of bitcoin He reiterated that he brought a solution to the said inequality.