On Sunday (March 12), the crypto market had a great to reason to cheer after U.S. Secretary of the Treasury Janet L. Yellen, Federal Reserve Board Chair Jerome H. Powell, and FDIC Chairman Martin J. Gruenberg released a hugely important joint statement.

SVB has $175 billion in deposits, 89% of which is uninsured. At the time of its failure, SVB was the 16th largest bank in the U.S. and the largest bank by deposits in Silicon Valley, the home of some of the biggest names in tech (including Ripple).

Well, a short time ago, the U.S. Department of the Treasury published a Joint Statement by the U.S. Department of the Treasury, the Federal Reserve, and the FDIC as a press release.

According to this statement, the three aforementioned parties have decided to take actions that ensure full protection for all depositors at Silicon Valley Bank and at Signature Bank, which was shut down today:

“After receiving a recommendation from the boards of the FDIC and the Federal Reserve, and consulting with the President, Secretary Yellen approved actions enabling the FDIC to complete its resolution of Silicon Valley Bank, Santa Clara, California, in a manner that fully protects all depositors. Depositors will have access to all of their money starting Monday, March 13. No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer.

“We are also announcing a similar systemic risk exception for Signature Bank, New York, New York, which was closed today by its state chartering authority. All depositors of this institution will be made whole. As with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer.

“Shareholders and certain unsecured debtholders will not be protected. Senior management has also been removed. Any losses to the Deposit Insurance Fund to support uninsured depositors will be recovered by a special assessment on banks, as required by law. Finally, the Federal Reserve Board on Sunday announced it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors. “