A lot of ink has been spilled in the last 72 hours regarding the historic developments involving Silicon Valley Bank and Signature Bank. Our quick summary of the facts and law is below. Cadwalader will continue to monitor these developments closely and will update you with additional insights.
USA, Banking, Insolvency & Restructuring, Cadwalader Wickersham & Taft LLP, Insolvency, Federal Deposit Insurance Corporation (USA), HM Treasury (UK), HSBC, Bank of England, Prudential Regulation Authority (UK), Banking Act 2009 (UK)
On November 29, U.S. Senator Ron Wyden (D-OR), Chairman of the Senate Finance Committee, sent requests for information to the CEOs of six of the largest crypto exchanges. The requests seek information about the safeguards each exchange has put in place to protect customers’ assets in the event they file for bankruptcy or otherwise experience financial distress.