{"id":18633,"date":"2023-03-12T18:58:53","date_gmt":"2023-03-12T18:58:53","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/silicon-valley-bank-under-fdic-auction-as-calls-for-bailout-grow-bitcoin-news\/"},"modified":"2023-03-12T18:58:53","modified_gmt":"2023-03-12T18:58:53","slug":"silicon-valley-bank-under-fdic-auction-as-calls-for-bailout-grow-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/silicon-valley-bank-under-fdic-auction-as-calls-for-bailout-grow-bitcoin-news\/","title":{"rendered":"Silicon Valley Bank Under FDIC Auction as Calls for Bailout Grow \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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The U.S. Federal Deposit Insurance Corporation (FDIC) began an auction process for Silicon Valley Bank (SVB) late Saturday night, according to reports. Final bids are due by Sunday afternoon. Unnamed sources indicate that the FDIC is seeking to close the deal promptly after California regulators closed the bank and placed it into FDIC receivership on Friday.<\/strong><\/p>\n

Sources Say FDIC Is Working Swiftly to Sell Off SVB Assets as Final Bids Due by Sunday Afternoon<\/h2>\n

The collapse of Silicon Valley Bank<\/a> (SVB) has caused a significant stir in the United States, as many believe it has revealed<\/a> a weakness in the U.S. banking system. However, U.S. Treasury secretary Janet Yellen has maintained<\/a> that the system is \u201cresilient\u201d and \u201csafe and well-capitalized.\u201d According to a recent Bloomberg report<\/a>, an auction for SVB began on Saturday evening, and final bids will be selected on Sunday.<\/p>\n

Anonymous sources cited by Bloomberg say the FDIC is working swiftly to sell off SVB assets before branches open on Monday. The report states that final bids are due by Sunday afternoon, with a final decision potentially not being announced until Sunday evening. Bloomberg contributor Matthew Monks attempted to contact the FDIC for comment but was unable to reach anyone outside of their normal business hours.<\/p>\n

The failure of SVB has sparked a significant debate over whether the bank will receive a bailout. However, based on Yellen\u2019s statements, it appears that a bailout is not being considered. Many tech founders and venture capitalists, including Galaxy Digital\u2019s Mike Novogratz<\/a>, Y Combinator\u2019s Garry Tan<\/a>, and Craft Ventures\u2019 David Sacks<\/a>, are calling for a federal bailout.<\/p>\n

Billionaire Bill Ackman, the CEO of Pershing Square Capital Management, has emphasized<\/a> the need for a bailout, warning<\/a> of \u201cmore bank runs\u201d by Monday if action is not taken. In response to the situation, hundreds of venture capitalists and funds in the U.S. and the U.K. have issued a statement expressing their hope that the bank will be \u201cappropriately capitalized.\u201d<\/p>\n

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\nTags in this story
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appropriately capitalized<\/a>, Assets<\/a>, Auction<\/a>, Bailout<\/a>, bank runs<\/a>, Banking system<\/a>, Bill Ackman<\/a>, billionaire<\/a>, Bloomberg Report<\/a>, branches<\/a>, California regulators<\/a>, comment<\/a>, Craft Ventures<\/a>, David Sacks<\/a>, debate<\/a>, Decision<\/a>, FDIC<\/a>, final bids<\/a>, Galaxy Digital<\/a>, Garry Tan<\/a>, Janet Yellen<\/a>, Mike Novogratz<\/a>, Monday<\/a>, receivership<\/a>, response<\/a>, Silicon Valley Bank<\/a>, SVB<\/a>, SVB issues<\/a>, system<\/a>, tech founders<\/a>, U.K.<\/a>, U.S.<\/a>, U.S. Treasury Secretary<\/a>, Venture Capitalists<\/a>, weaknesses<\/a>, Y Combinator<\/a><\/div>\n<\/div>\n

What do you think the future holds for Silicon Valley Bank and the wider U.S. banking industry in light of the ongoing debate over bailouts and the potential weaknesses in the system? Share your thoughts about this subject in the comments section below.<\/strong> <\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons, rafapress \/ Shutterstock.com<\/em><\/p>\n

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