Bank Term Funding Program

You can open up the discount window.

You can launch this program called the BTFP.

There are ways that you can solve those first two problems, interest rate risk and liquidity risk.

If those start to get too big, authorities have tools in the toolkit that they can readily do to solve that.

From the outside looking in, this looks like the Biden administration, the regulators have taken out the key cornerstone banks for the Bitcoin crypto industry.

And then, I don't know the exact timeframe, but shortly afterwards, the BTFP program was brought in to try and stabilize that.

That same

weekend.

It was either Sunday night or Monday morning.

that they announced the bank term funding program, the BTFP, which by the way, if that had existed for us, we wouldn't have had to sell the securities.

We wouldn't have to take those losses.

So we, just like we required our borrowers to over pledge to pledge more bitcoin to cover their loans we were pledging our securities in excess um and we had to sell those um you know and you know those those other banks didn't