Bitcoin
$38,150.70+2.75%
Ethereum
$2,068.37+2.32%
Binance Coin
$230.22+1.42%
XRP
$0.61280914+1.49%
Solana
$57.82+5.22%
Cardano
$0.38704375+1.90%
Dogecoin
$0.08073621+2.89%
Tron
$0.10376646-0.14%
Toncoin
$2.47+1.12%
Chainlink
$14.56+1.89%
Avalanche
$20.67+0.80%
Polygon
$0.75325135+1.24%
PlayIconNav
Crypto Prices CoinDesk Market Index CoinDesk Market Index
Policy

Silicon Valley Bank Depositors Will Have Access to 'All' Funds Monday, Say Federal Regulators

“Today we are taking decisive actions to protect the U.S. economy by strengthening public confidence in our banking system,” a joint statement read.

By Danny Nelson
AccessTimeIconMar 12, 2023 at 10:29 p.m. UTC
Updated Mar 16, 2023 at 3:13 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

All depositors in Silicon Valley Bank will be made whole and have access to their funds on Monday, federal banking and finance regulators said in a joint statement Sunday.

“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,” Secretary of the Treasury Janet L. Yellen, Federal Reserve Board Chair Jerome H. Powell, and FDIC Chairman Martin J. Gruenberg said in a joint press release.

“Today we are taking decisive actions to protect the U.S. economy by strengthening public confidence in our banking system,” the statement read.

This is a developing story.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish, a cryptocurrency exchange, which in turn is owned by Block.one, a firm with interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets including bitcoin and EOS. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Danny Nelson
Danny Nelson

Danny is CoinDesk's Managing Editor for Data & Tokens. He owns BTC, ETH and SOL.

Follow @realDannyNelson on Twitter

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.