SVB and Signature Were 'Allowed to Fail,' Says FDIC Chair

Signet, the payment network widely used by Web3 businesses, still remains under the FDIC control.
Signature Bank has found a buyer after a week long financial odyssey, the New York Community Bancorp, Inc.
The sudden string of bank failures over the past week conjured traumatic flashbacks of the 2008 financial crisis for many a banker.
Signature Bank is facing scrutiny from the U.S. Department of Justice over potential shortcomings in its efforts to thwart money laundering.
New York regulators quickly took control of Signature Bank Sunday night, making it the third bank to close its doors in a week—and the third largest bank failure in U.S. history.
Thus far, no reports have surfaced regarding alleged insolvency.
Circle, Ripple, and Pantera Capital are among the companies exposed to SVB, while Coinbase and Paxos have assets stuck on Signature Bank.
With Signature Bank also closing down, what banks are left to serve crypto firms?
Statistica Capital said that Signature knew that FTX customer funds were not segregated from Alameda funds.