{"id":562964,"date":"2023-03-13T07:57:10","date_gmt":"2023-03-13T04:57:10","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/biden-vows-to-hold-those-responsible-for-svb-signature-collapse\/"},"modified":"2023-03-13T07:57:10","modified_gmt":"2023-03-13T04:57:10","slug":"biden-vows-to-hold-those-responsible-for-svb-signature-collapse","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/biden-vows-to-hold-those-responsible-for-svb-signature-collapse\/","title":{"rendered":"# Biden vows to hold those responsible for SVB, Signature collapse"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3b729bf1fe1\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3b729bf1fe1\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/biden-vows-to-hold-those-responsible-for-svb-signature-collapse\/#%E2%80%9D_Biden_vows_to_hold_those_responsible_for_SVB_Signature_collapse_%E2%80%9C\" >&#8221; Biden vows to hold those responsible for SVB, Signature collapse &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Biden_vows_to_hold_those_responsible_for_SVB_Signature_collapse_%E2%80%9C\"><\/span>&#8221; Biden vows to hold those responsible for SVB, Signature collapse &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDMvNjVmZjgyNDMtNGZjNC00ODYxLTkxNmQtNzBlYjY2NzFjNzUwLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-48054ca8>The President of the United States Joe Biden has vowed to hold those responsible for the failure of Silicon Valley Bank and Signature Bank while assuring Americans that their deposits are safe.\u00a0<\/p>\n<p>On Mar. 12, the New York District of Financial Services (NYDFS) took possession of crypto-friendly Signature Bank.\u00a0The Federal Reserve also stated that the closing of Signature Bank was made in order to protect the U.S. economy and strengthen public confidence in the banking system.\u00a0<\/p>\n<p>It also announced a $25 million fund aimed at backstopping certain banks that could face liquidity issues in the future.\u00a0<\/p>\n<p>U.S. President Joe Biden noted to his 29.9 million <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> followers on Mar. 13, stating that he&#8217;s pleased that the agencies have &#8220;reached a solution that protects workers, small businesses, taxpayers and our financial system.&#8221;<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">At my direction, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/SecYellen?ref_src=twsrc%5Etfw\">@SecYellen<\/a> and my National Economic Council Director worked with banking regulators to address problems at Silicon Valley Bank and Signature Bank.<\/p>\n<p>I\u2019m pleased they reached a solution that protects workers, small businesses, taxpayers, and our financial system. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/CxcdvLVP6l\">https:\/\/t.co\/CxcdvLVP6l<\/a><\/p>\n<p>\u2014 President Biden (@POTUS) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/POTUS\/status\/1635080376572956672?ref_src=twsrc%5Etfw\">March 13, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>The President added he was also &#8220;firmly committed&#8221; to holding those responsible for the mess &#8220;fully accountable.&#8221; He added that he will &#8220;have more to say&#8221; in an address on Monday, local time.\u00a0<\/p>\n<p>Meanwhile, a host of other United States politicians have also shared praise over the recent federal regulator actions aimed at stemming contagion from the recent banking collapses.\u00a0<\/p>\n<p>U.S. Senator Sherrod Brown and Representative Maxine Waters said they were also pleased to see that both insured and uninsured SVB depositors would be covered, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.banking.senate.gov\/newsroom\/majority\/brown-waters-statement-on-federal-regulators-actions\">according<\/a> to Mar. 12 statement by the U.S. Senate Banking and Housing Committee:<\/p>\n<blockquote><p>Today\u2019s actions will enable workers to receive their paychecks and for small businesses to survive, while providing depository institutions  with more liquidity options to weather the storm.\u201d<\/p><\/blockquote>\n<p>\u201cAs we work to better understand all of the factors that contributed to the events of the last several days and how to strengthen guardrails for the largest banks, we urge financial regulators to ensure the banking system remains stable, strong, and resilient, and depositors\u2019 money is safe,&#8221; the statement added.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Silicon Valley Bank depositors, both insured &amp; uninsured, will be made whole by the plan from the FDIC, the Federal Reserve, the Treasury &amp; the White House. And the Fed has created a new facility to support all banks that need liquidity to ensure our banking system is safe.<\/p>\n<p>\u2014 Maxine Waters (@RepMaxineWaters) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/RepMaxineWaters\/status\/1635077886792302592?ref_src=twsrc%5Etfw\">March 13, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Meanwhile, U.S. Securities Exchange Commission Chairman Gary Gensler has used the moment to double down on his agency&#8217;s pursuit of wrongdoers, without naming any industries in particular.<\/p>\n<p>The chairman reinforced that the SEC would be on the lookout for violators of U.S. securities laws in a Mar. 12 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.sec.gov\/news\/statement\/3-12\">statement:<\/a><\/p>\n<blockquote><p>&#8220;In times of increased volatility and uncertainty, we at the SEC are particularly focused on monitoring for market stability and identifying and prosecuting any form of misconduct that might threaten investors, capital formation, or the markets more broadly.&#8221;<\/p><\/blockquote>\n<p>&#8220;Without speaking to any individual entity or person, we will investigate and bring enforcement actions if we find violations of the federal securities laws,&#8221; the SEC Chairman added.<\/p>\n<p>The shuttering of SVB temporarily triggered the depegging of Circle&#8217;s USD Coin (USDC) to as low as $0.88 on Mar. 11, as $3.3 billion of Circle&#8217;s $40 billion USDC reserves are held by SVB.<\/p>\n<p>However, USDC is nearly back at $1 after the Federal Reserve confirmed that all customer deposits at Signature Bank and SVB would be made in &#8220;whole.&#8221;<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>US Fed announces $25B in funding to backstop banks<\/em><\/strong><\/p>\n<p>Another prominent crypto-bank, Silvergate Bank announced last week that it would shut down and voluntarily liquidate \u201cin light of recent industry and regulatory developments.\u201d<\/p>\n<p>Shortly after, Gensler <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/thehill.com\/opinion\/congress-blog\/3891970-getting-crypto-firms-to-do-their-work-within-the-bounds-of-the-law\/\">wrote<\/a> a Mar. 9 opinion piece for The Hill which threatened U.S. crypto companies to &#8220;do their work within the bounds of the law&#8221; or be met with enforcement action.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">As Chair of <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/SECGov?ref_src=twsrc%5Etfw\">@SECGov<\/a>, I have one goal with regard to the crypto markets: to ensure that investors and the markets receive all the protections that they would in any other securities market. How?<\/p>\n<p>Read my op-ed in <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/thehill?ref_src=twsrc%5Etfw\">@thehill<\/a>:<\/p>\n<p>\u2014 Gary Gensler (@GaryGensler) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/GaryGensler\/status\/1633890444370116608?ref_src=twsrc%5Etfw\">March 9, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/biden-vows-to-hold-those-responsible-for-svb-signature-collapse\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Biden vows to hold those responsible for SVB, Signature collapse &#8220; The President of the United States Joe Biden has vowed to hold those responsible for the failure of Silicon Valley Bank and Signature Bank while assuring Americans that their deposits are safe.\u00a0 On Mar. 12, the New York District of Financial Services (NYDFS)&#8230;<\/p>\n","protected":false},"author":1,"featured_media":562965,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2023-03\/65ff8243-4fc4-4861-916d-70eb6671c750.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74894,74898,75269,82350,117,70934],"class_list":["post-562964","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-blockchain","tag-sec","tag-us-government","tag-usd-coin","tag-business","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/562964","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=562964"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/562964\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/562965"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=562964"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=562964"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=562964"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}