Billionaire Warns US Gov: Fix Mistake in 48 Hours or Face Destruction
Billionaire Bill Ackman has urged the United States government to “guarantee” all Silicon Valley Bank's (SVB)'s deposits within the next “48 hours,” or it risks the “destruction” of many financial institutions.
South Korea Discusses Potential Market Volatility and Uncertainty Following Silicon Valley Bank Incident
South Korea recently held a meeting to discuss the Silicon Valley Bank incident and its potential side effects. During the meeting, South Korean officials expressed concern that the incident could lead to increased volatility and uncertainty in the market.
US Taxpayers Shouldn’t Bail Out SVB, Nikki Haley Says
US taxpayers shouldn’t bail out Silicon Valley Bank, Republican presidential candidate Nikki Haley said in a statement.
Y Combinator CEO Leads Petition for Depositors at Failing Silicon Valley Bank
Garry Tan, CEO and President of Y Combinator, initiated a petition to ask regulators to step in and implement a backstop for depositors. Tan stated in the petition:
Y Combinator CEO Urges Regulators to Save Silicon Valley Bank and Small Businesses
Garry Tan initiated a petition to ask regulators to step in and implement a backstop for depositors, this petition has been signed by more than 1,200 CEOs and founders.
SEC Monitoring Circle’s Exposure to At-Risk Banks, Considers USDC a Security: Crypto KOL
Crypptop KOL Andrew @AP_Abacus on Twitter: UPDATE: The SEC was very aware of @circle’s exposure to at risk banks and specifically, Silicon Valley Bank.
SOURCE: “The SEC absolutely believes that USDC is a security… expect further action in the weeks to come.”
Silicon Valley Bank Failure Could Trigger Run on U.S. Regional Banks
Federal Reserve and Federal Deposit Insurance Corporation (FDIC) decisions concerning the future of Silicon Valley Bank may affect regional banks across the United States, putting trillions of dollars at risk of a bank run, said former Bridgewater executive and CEO of investment firm Unlimited Bob Elliot.
Silicon Valley Bank’s UK Branch Shut Down by Bank of England
The Bank of England (BoE) has halted the operations of Silicon Valley Bank’s U.K. branch (SVB UK), stating that it has a “limited presence” and no “critical functions” supporting the financial system in the United Kingdom (UK).
Thiel’s Founders Fund Withdrew Millions From Silicon Valley Bank
Peter Thiel’s Founders Fund had no money with Silicon Valley Bank as of Thursday morning as the bank descended into chaos, according to a person familiar with the matter.
‘Fiat Is Fragile’ — Silicon Valley Bank's Collapse Sparks Concerns of Contagion
Billionaire and Galaxy Digital founder Mike Novogratz expressed surprise that the Fed would let depositors lose money in Silicon Valley Bank. “Are all banks going to be treated like hedge funds? Seems like a policy mistake,” Novogratz stated. Shapeshift founder Erik Voorhees ridiculed the call for Fed intervention on Twitter, stating, “Fiat is fragile.”
