Thu, March 28

SEC’s Gensler Blames Crypto for Silicon Valley Bank’s Failure

The chairman of the Securities and Exchange Commission (SEC), Gary Gensler, was questioned by House Republicans on the SEC’s stance on digital assets at a recent hearing. Legislators raised issues with the SEC’s approach to FTX and the lack of clarity around whether ether is a security. Gensler, while describing

April 19, 2023 2 mins read

Several SVB Auditors and Underwriters Including KPMG Being Sued

Industry heavyweights are in legal hot water as a result of the worldwide financial crisis sparked by the failure of the Crypto-friendly Silicon Valley Bank (SVB). Underwriters including Goldman Sachs Group Inc, Morgan Stanley & Co., and Bank of America Corp, as well as SVB’s auditor, KPMG LLP, have allegedly

April 8, 2023 1 min read

USD Coin Remains Second-Largest Stablecoin

USD Coin (USDC) stablecoin outflows have exceeded $10 billion since March 10. Investors feel that Circle’s USDC stablecoin, with many of them switching to Tether, has reached its 22-month high in market share.  When the regulators shuttered the critical reserve banking partner, Silicon Valley Bank, the U.S. payments firm Circle

March 30, 2023 2 mins read

First Citizens Bank Acquires Seized Silicon Valley Bank (SVB)

For $500 million, First Citizens Bank has purchased Silicon Valley Bank (SVB). Compared to its $40 billion valuation a year ago, the crypto-friendly Silicon Valley Bank is currently being bought for a whopping 99% discount. As of now, First Citizens BancShares has accepted deposits totaling $119 billion. On Monday, the

March 27, 2023 1 min read

USDC Operations Are Redeemed Post Circle Backlog Clearance

A recent update from the Circle team regarding USDC operations guarantees the removal of backlogs. Additionally, a request for redemption of USDC has also been made, at the EOD of the U.S. banking sector on March 15th. Update: As of close of U.S. banking operations Wednesday, March 15, we have

March 16, 2023 1 min read

Silicon Valley Bank Sued by Shareholders Alleging Fraud

As per reports from Bloomberg, investors have filed a fraud lawsuit against the Silicon Valley Bank, which was shut down last week. Additionally, the financial institution’s abrupt and unexpected collapse is the greatest bank failure since the 2008 financial crisis. The Federal Reserve made an announcement over the weekend that

March 14, 2023 2 mins read