• In a joint statement addressing the collapse of the Silicon Valley Bank (SIVB), the Federal Reserve and the US Treasury announced that state authorities closed the crypto-friendly Signature Bank (SBNY) today.

Image courtesy of 123rf. via The Tokenist

• The authorities stated the depositors in both the banks would be made whole, and the payment would not be borne by taxpayers.
• Shareholders and some unsecured debenture holders would not be protected.
• Additionally, the Federal Reserve also announced that it would “make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors.”

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