All depositors in Silicon Valley Bank will have access to their funds starting Monday—as well as depositors of Signature Bank, which was also shut down Sunday by New York’s state chartering authority.

The notice came in a joint statement delivered by U.S. Federal Reserve Chairman Jerome Powell, U.S. Treasury Secretary Janet Yellen, and Federal Deposit Insurance Corporation (FDIC) Chairman Martin Gruenberg.

The decision was made in consultation with President Joe Biden, according to a press release, which emphasized that the U.S. taxpayer will not bear any losses as a result of the resolution.

“The U.S. banking system remains resilient and on a solid foundation,” the joint statement said, citing banking regulations established after the 2008 global financial crisis that “ensured better safeguards for the banking industry.”

The closure of Signature Bank represents the third U.S. bank failure to take place within the past week, and the second financial institution to fall that’s central to the digital assets industry.

Silvergate said it would voluntarily wind down operations and liquidate last Wednesday, vouching to pay back its depositors in full. Previously, the bank said that it would also discontinue the Silvergate Exchange Network (SEN).

The SEN played a crucial role for crypto-native firms as a round-the-clock payment service for Silvergate’s clients. Signature Bank operates a similar service called Signet, a digital payments platform used for real-time payments by the institutions’ clients.

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Author: André Beganski

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