A petition urging regulators to step in claims that nearly 40,000 Silicon Valley Bank depositors are small businesses.
Small banks in the United States had $6.8 trillion in assets and $680 billion in equity as of February 2023, according to Fed data. Considering this scenario, a failure on the tech bank would put in"risk of a run on thousands of small banks", further making the SBV situation a"main street problem," said Elliot.
Total Assets, Small Domestically Chartered Commercial Banks in the United States. Source: U.S. Federal Reserve Elliot's comments were among many others seen on social media channels over the weekend as fear surrounded the future of the California bank. A petition created by YCombinator CEO Garry Tan claims that nearly 40,000 of all depositors at Silicon Valley Bank are small businesses.
Silicon Valley Bank is one of the top 20 largest banks in the United States, providing banking services to many crypto-friendly venture firms. Assets from blockchain VCs
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