Money Market Funds Attract $397 Billion as Bank Deposits Decline
In 2023, $397 billion shifted from US bank deposits to higher-yielding money market funds, posing potential tax implications for investors.

In 2023, $397 billion shifted from US bank deposits to higher-yielding money market funds, posing potential tax implications for investors.
The collapse of Silicon Valley Bank (SVB) in February 2023 sent shockwaves through the crypto industry. This article delves into the aftermath, exploring the amount SVB had in deposits, the key depositors affected, and the implications for the broader crypto ecosystem. Discover the figures, major claimants like Coinbase, MicroStrategy, Grayscale Investments, and Square, as well as the legal actions underway. As the Federal Deposit Insurance Corporation (FDIC) oversees the liquidation process, questions arise about the safety, regulation, and future of crypto banking in the US.