Further to this: I’m reading this thread [1] from Mercury’s CEO, Immad Akhund (disclosure: a friend from my YC days many years ago though we’ve not had contact for years), that their neobank product automatically spreads funds across a sweep network and delivers $3M of insurance.

That seems like a simple and effective way for companies to manage their deposit risk.

If the government/president came out and said “we’re going to protect the system now but we may not/will not in the future and all companies should put their funds in sweep network accounts to be safe in the future”, then it would be reasonable next time to say “should have known better”.

[1] https://twitter.com/immad/status/1635302598831112192