Signature Bank Bites the Dust As Feds Scramble to Contain Losses

2023-3-13 09:26

Signature Bank is the next bank to be closed by Federal regulators. Regulators closed the crypto-focused bank, citing systemic risk.

The Federal Reserve has closed Signature Bank, as revealed in a press release issued on March 12. The regulators noted that they were concerned about the systemic risks posed by the crypto-focused bank. The FDIC will make all depositors of the bank whole.

@federalreserve @USTreasury @FDICgov issue statement on actions to protect the U.S. economy by strengthening public confidence in our banking system, ensuring depositors' savings remain safe: https://t.co/YISeTdFPrO

— Federal Reserve (@federalreserve) March 12, 2023

The closure marks yet another bank in the United States to go down, with the closure of Silicon Valley Bank sparking fear in many countries. Regarding the decision, the authorities said that it was a bid to protect the country’s economy,

“Today we are taking decisive actions to protect the U.S. economy by strengthening public confidence in our banking system. This step will ensure that the U.S. banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth.”

There are many ongoing discussions about the potential impact of the closure of Silicon Valley Bank, not the least of which is its effects on the tech startup scene. The regulators appear confident that the measures taken following the 2008 recession are enough to prevent a large-scale crisis.

Signature Bank is one of the biggest crypto banks in the country, behind another major crypto-associated bank that is in turmoil – Silvergate. The markets have responded in kind, seeing red before clawing back some growth over the year.

Signature Bank, Silicon Valley Bank, and Silvergate Roil Markets

The discussions surrounding Silicon Valley Bank and Silvergate have dominated headlines recently. Analysts have paid attention to what U.S. Treasury Secretary Janet Yellen has said, with the latter confirming that Silicon Valley Bank wouldn’t receive a bailout. The focus is on protecting depositors.

Silvergate has also decided to shut down, voluntarily liquidating its assets to fully repay all deposits. It is also discontinuing its Silvergate Exchange Network (SEN), a platform that offers secure, institutional-grade access to capital through U.S. dollar loans collateralized by bitcoin.

Could Crypto Be a Strong Focus Now?

Former American politician Barney Frank pinned much of the blame on cryptocurrencies, which he believes have a “potentially destabilizing” effect on the financial system. Some other United States lawmakers have similar opinions on cryptocurrencies, though there are some who believe in the asset’s class potential.

Meanwhile, researchers at JPMorgan Chase believe that the collapse of Silvergate will test the crypto industry. Offering some relief to investors, Binance CEO Changpeng Zhao has confirmed that the popular exchange has no exposure to Silicon Valley Bank.

The post Signature Bank Bites the Dust As Feds Scramble to Contain Losses appeared first on BeInCrypto.

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bank signature scramble losses closed contain bites

bank signature → Результатов: 92


Senators grill federal officials over lack of oversight into SVB, Signature Bank collapse

In a closely watched Senate hearing held on Mar 28, regarding the collapse of crypto-friendly banks Silicon Valley Bank (SVB) and Signature Bank, William Barr, a top official at the US Federal Reserve, acknowledged the potential benefits of testing for higher rates and expressed his plans to broaden the scope of future tests.

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Фото:

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Фото:

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Фото:

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Фото:

America’s Signature Bank to Offer Services to Bermuda Crypto Companies

U.S. commercial bank Signature will start to offer a full range of banking services to licensed fintech companies in Bermuda, including those in the digital asset industry. The bank has reached an agreement with the government to provide the service, moving in to fill the gap left by local banks, which have been reluctant to […] The post America’s Signature Bank to Offer Services to Bermuda Crypto Companies appeared first on Bitcoin News.

2019-3-2 06:40


Фото:

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2019-3-1 08:51


Фото:

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