Senators Grill Federal Officials Over Lack of Oversight Into SVB, Signature Bank Collapse
US senators have grilled federal officials over the lack of oversight into the collapse of SVB Signature Bank, which was a significant player in the cryptocurrency industry. The bank collapsed in 2022, causing significant losses for investors and raising concerns about the risks and challenges facing the cryptocurrency industry.
How Many Bank Failures Will It Take for You to Consider Bitcoin?
The argument for owning Bitcoin strengthens as people worldwide watch major banks collapse. This may be a perfect time if you haven’t diversified into Bitcoin.
FDIC Investigating Signature Bank and Silicon Valley Bank for Mismanagement and Dangerous Concentrations in Digital Assets
The Federal Deposit Insurance Corp. (FDIC) is investigating the actions of the leaders of Signature Bank and Silicon Valley Bank for their role in the banks' collapses, according to Chairman Martin Gruenberg. In testimony prepared for a U.S. Senate hearing, Gruenberg detailed their mismanagement and dangerous business concentrations, particularly in digital assets at Signature Bank. The FDIC has put itself on the hook for an expected $22.5 billion hit to its insurance fund, mostly to cover uninsured deposits, due to the fall of the two banks.
The Evolution of the Dapp Industry in Response to America’s Banking Turmoil
In conclusion, the collapse of SVB and Signature Bank has had a significant impact on the crypto industry, particularly the dapp ecosystem. The events of the past few weeks have highlighted the need for the industry to become more self-sufficient and less reliant on traditional banking infrastructure.
Crypto Morning Briefing: Coinbase No Longer Supporting Signature Bank’s Signet Network
Immutable and Polygon Labs Team Up to Expand the Web3 Gaming Ecosystem; Florida Gov and US Presidential Hopeful Calls for CBDC Ban
Coinbase No Longer Supporting Signature Bank’s Signet Network
Coinbase Global (COIN) told clients on Monday it’s no longer supporting Signet, the real-time payments network of failed Signature Bank, according to a Wall Street Journal report.
Flagstar Bank Buys Signature Bank, Crypto Business Not Included
New York Community Bancorp-owned Flagstar Bank has offered to buy Signature Bank, the crypto-friendly financial institution that was seized by the U.S. Federal Deposit Insurance Corp (FDIC) last week.
Crypto Evening Briefing: More Than 80 Firms Express Interest in Establishing Presence in Hong Kong
As of end-February 2023, Invest Hong Kong has received expressions of interest from over 80 virtual asset-related Mainland and foreign companies in establishing their presence in Hong Kong.
Flagstar Takes Over Signature, Minus Its Crypto Business
Following an unsuccessful first attempt by the FDIC to find a buyer for Signature Bank, the latter placed in receivership by the fiscal authority will be bought out by Flagsta Bank – a subsidiary of New York Community Bancorp, Inc.
US Lawmaker Urges Government To Guarantee All Deposits To Avoid Runs on Smaller Banks
A U.S. congressman has urged the federal government to temporarily insure every bank deposit in the country. Following the collapses of several major banks, he stressed that if the government does not do this, there will be a run on smaller banks. “This is a contagion that could be spread across the entire banking system,” he warned.
