Signature’s Crypto Clients Told to Close Accounts as FDIC Ends Business

The FDIC warned that there would be no more crypto offerings from Signiture after the buy out

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Signature’s crypto clients told to close their accounts by April 5: Report

Signature Bank’s cryptocurrency clients have been reportedly given until April 5 to take their funds out and find another bank, or have their accounts closed by the federal regulator. According to reports, a United States Federal Deposit Insurance Corporation (FDIC) spokesperson said on March 28 that the agency was “reaching out to depositors from Signature [...]

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Here’s Why Regulators Were Accused of “Illegal Overreach” Against Crypto Industry by Cooper & Kirk Law Firm

Cooper & Kirk law firm sends letter to US Congress alleging regulatory overreach against the crypto industry.

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Federal Investigators Probe Silicon Valley Bank Collapse; SVB and Top Execs Sued by Shareholders

The parent company of Silicon Valley Bank, SVB Financial Group, and two senior executives have been sued by shareholders after SVB’s collapse last Friday. The proposed class action accuses SVB of hiding the fact that interest rate hikes would leave the bank in jeopardy. Additionally, anonymous sources say the U.S. Department of Justice (DOJ) and [...]

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FDIC to attempt another auction of Silicon Valley Bank: Report

Silicon Valley Bank (SVB) could be returning to the auction block with United States regulators taking a second attempt at finding a buyer for the now-collapsed bank.  According to a Mar. 13 report from the Wall Street Journal, the Federal Deposit Insurance Corporation (FDIC) told Senate Republicans that they now have additional flexibility to sell [...]

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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.

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Circle Unable to Withdraw $3.3 Billion from SVB, Causing USDC Sell-Off

Circle, the issuer of USD Coin (USDC), was unable to withdraw $3.3 billion of its $40 billion reserves from Silicon Valley Bank (SVB), leading to a sell-off that caused the stablecoin's value to drop below its $1 peg. Circle initiated a wire transfer to remove the funds from SVB as the FDIC-insured bank was about to shut operations, but the transfer was not wholly processed, leaving $3.3 billion of USDC reserves with SVB. Dante Disparte, Circle's chief strategy officer, warned that SVB's failure could have broader implications for the US economy. (Read More)

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‘Fiat Is Fragile’ — Silicon Valley Bank’s Collapse Sparks Finger-Pointing and Concerns of Contagion

Silicon Valley Bank (SVB) has become the center of attention after its collapse prompted the U.S. Federal Deposit Insurance Corporation (FDIC) to shut the bank down on Friday. It was the largest U.S. bank failure since 2008, and various alleged catalysts have been pointed to. Some believe venture capitalists caused a bank run, while others [...]

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US Regulators Close Silicon Valley Bank in One of the Largest Bank Failures Since Washington Mutual

After Silicon Valley Bank (SVB) experienced financial turmoil, the U.S. Federal Deposit Insurance Corporation (FDIC) and the California Department of Financial Protection and Innovation closed the financial institution. Insured depositors can withdraw their funds on Monday after the FDIC took over the failed bank. Federally Insured Depositors to Withdraw Funds on Monday, Uncertainty Looms for [...]

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Gemini Under Investigation Over False FDIC Claims: Report

Gemini is under investigation due to references about FDIC insurance in relation to its high-yield Earn program.

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Stablecoins Should Be Complementary to Digital Dollar, Says Interim FDIC Chief

Martin Gruenberg recognizes the value of stablecoins in facilitating commercial and retail payments.

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Mid-Size Banks Ask for Deposit Insurance Extension

The Mid-Size Bank Coalition of America (MBCA) has requested that the US Federal Deposit Insurance Corporation (FDIC) extend insurance on all deposits for the next two years, which would immediately halt the outflow of deposits from smaller banks and stabilize the banking industry, according to a Bloomberg report. The MBCA proposed that the banks themselves fund the insurance program by raising the deposit-insurance assessment on lenders who opt to participate in the increased coverage, and the failure to provide this could result in up to 300 banks going under. (Read More)

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Weekend Wrap: Eliza Labs founder hacked, Boyaas Bitcoin bet pays off and more

World ID Orb verifications are available in the Philippines, Boyaa Interactive predicts a profit surge while Eliza Labs founders X account was hacked.

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Is the FDIC’s Recent Ultimatum Evidence of “Weaponizing” the Banking Collapse Against Crypto?

If crypto is the scapegoat, "one of the most important innovations in history" will be lost to the U.S.

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Buyer of Signature Bank Told to Give up Crypto Business by FDIC

The U.S. is becoming increasingly inhospitable for crypto companies.

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Pro-crypto lawyer John Deaton offers to probe Operation Chokepoint 2.0

Not investigating Operation Chokepoint 2.0 would create a dangerous precedent where regulatory bodies can suppress whoever they disfavor, Deaton stressed.

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Senator Lummis claims FDIC destroyed Operation Chokepoint 2.0 docs

"You must ensure your staff cease and desist destruction of all materials and end retaliatory actions immediately," Lummis wrote.

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US Bank Lending Drops by Record $105 Billion in Two Weeks, Trillions Moving to Money Market Accounts, Elon Musk Warns ‘Trend Will Accelerate’

The banking industry in the United States is still struggling after the collapse of three major banks. According to statistics, bank lending in the U.S. has dropped by close to $105 billion in the last two weeks of March, which is the largest decline on record. Additionally, Elon Musk, a Tesla executive and owner of [...]

The post US Bank Lending Drops by Record $105 Billion in Two Weeks, Trillions Moving to Money Market Accounts, Elon Musk Warns ‘Trend Will Accelerate’ appeared first on Crypto Breaking News.

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Yellen Says US ‘Not Willing to Allow Contagious Bank Runs,’ Calls OPEC Oil Production Cut ‘Unconstructive’

Roughly 26 days ago and in the following days, the U.S. witnessed two significant bank failures when Silicon Valley Bank and Signature Bank collapsed. After speaking at an event on Monday at Yale University, Janet Yellen, the current U.S. Treasury secretary, told reporters that she was closely monitoring the banking industry. Yellen insisted that “matters [...]

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