On 30 October 2023, HM Treasury (HMT) published three documents setting out how the UK government plans to regulate cryptoassets going forward:

FSMA 2023 includes a court procedure for failing insurers to temporarily write-down liabilities, with implications for counterparties.

As we stated in our March 10, 2023 Client Alert, Silicon Valley Bank, Santa Clara, California (“SVB”), was closed on Friday, March 10, 2023 by the California Department of Financial Protection & Innovation, and the Federal Deposit Insurance Corporation (“FDIC”) was appointed as receiver. Since our initial client alert on Friday, several key developments have occurred.

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.

Summary