The banking coalition reportedly argued that it would bring stability to the banking industry and reduce the chances of “more bank failures,” in a letter to federal regulators.
Crypto market cap reclaims $1T, and derivatives point to further upside
Bitcoin’s performance has outpaced Warren Buffett’s Berkshire Hathaway over the past six months as crypto markets appear to have turned a corner.
This Crisis Will Define the Future of Money
The recent collapse of three high-profile banks – Silicon Valley Bank, Silvergate Bank and Signature Bank – has caused worrying outflows at hundreds of regional banks. Now, with the U.S. Federal Reserve creating a new backstop facility reportedly worth $2 trillion and Switzerland’s central bank bailing out Credit Suisse to the tune of $54 billion, the echoes of prior crisis in 2008 and 2013 are loud.
FDIC Denies Report Signature Bank Purchaser Must Divest Crypto
The Federal Deposit Insurance Corporation denied it would require any purchaser of Signature Bank to divest its crypto activities.
U.S. Banking Collapse Doesn’t Necessarily Make Crypto Trustworthy
TK
Former FDIC Regulator: Friendliness Toward Crypto ‘Does Not Exist’
Jason Brett said despite regulators using the failure of three banks to target crypto, the industry itself is not in a crisis.
Signature Bank’s Prospective Buyers Must Agree to Give Up All Crypto Business: Report
The Federal Deposit Insurance Corporation (FDIC) has reportedly asked banks interested in acquiring the shuttered New York institution to submit bids by Friday.
Signature Bank’s Prospective Buyers Must Agree to Give Up All Crypto Business: Report
The Federal Deposit Insurance Corporation (FDIC) has reportedly asked banks interested in acquiring the shuttered New York institution to submit bids by Friday.
Bitfury CEO: U.S. Government Using Crisis to Choke Off Crypto Access to Banks
Brian Brooks, former head of the OCC and now board member of blockchain technology company Bitfury, says the recent crackdown by regulators on three crypto-friendly banks appears to be a coordinated effort and what some are dubbing “Operation Choke Point 2.0”
Crypto bank Anchorage Digital cuts 20% of staff citing regulatory uncertainty
It’s unclear whether Anchorage Digital’s layoffs relate to the current turmoil in the U.S. banking sector.
U.S. DOJ Was Investigating Signature Bank’s Work With Crypto Clients: Bloomberg
Prosecutors were looking at the crypto-friendly bank before regulators seized it, people familiar told Bloomberg.
Signature Bank’s Signet Platform Still Works, But Some Clients Have Moved On
A source told CoinDesk the real-time payments platform, popular with crypto businesses, will continue to be offered under the newly established Signature Bridge Bank entity.
USDC’s ‘Black Swan’ Depegging Could Have Been Avoided With Proper Regulatory Framework
Fissures among the progressive left are primarily responsible for the lack of U.S. regulatory progress around stablecoins, says John Rizzo, senior vice president for public affairs at Clyde Group.
FDIC Planning to Try Auctioning Silicon Valley Bank Again: WSJ
The designation of SVB’s failure as a potential systemic threat gives the FDIC more options to sell the bank.
Silicon Valley Bank and Signature Bank Reignite ‘Moral Hazard’ Dilemma Bitcoin Was Designed to End
A debate from the 2008 financial crisis resurfaces as the FDIC intervenes to help two troubled institutions with crypto connections, says CoinDesk’s David Z. Morris.
Is This a Crypto Banking Bailout?
As the wreckage that started inside crypto banking threatens financial institutions beyond the sector’s border, the federal government is eager to make it clear that it’s not going to let it get out of hand. But is it a bailout?
Silicon Valley Bank Clients Can Fully Access Funds After FDIC Creates New Bridge Bank
Loans and other services will resume on normal schedule Monday following a switch to a new bridge bank, the regulator said
Bill Ackman warns US gov’t: Fix mistake in ‘48 hours’ or face ‘destruction’
Billionaire Bill Ackman said that SVB’s senior management made a “basic mistake” but should be fired.
USDC Issuer Circle Says it ‘Awaits Clarity’ From FDIC on Silicon Valley Bank Collapse
In its first statement following the collapse of Silicon Valley Bank, Circle declined to state how much cash it has tied up at the bank.
How Silvergate’s Crypto Collapse Differed From Silicon Valley Bank’s: No Bailout
For all the angst this week about how troubles in the crypto industry are fueling a banking crisis, the reality, so far, is actually something else: Of the two banks that went under, the one squarely focused on crypto – Silvergate Capital – escaped the black mark of a federal bailout.
