Elon Musk tweeted about being open to the idea of buying the bank, while the Biden administration is reportedly preparing material action
In the past week, Silicon Valley Bank (SVB) experienced a sudden collapse which caused stablecoins to lose their peg, resulting in regulators from the US and UK preparing emergency plans. This has caused concerns among small businesses, venture capitalists, and other depositors who have funds trapped in the bank located in California.
On March 13, the President of the United States, Joe Biden, expressed his determination to ensure that those responsible for the collapse of Silicon Valley Bank will face full accountability. In a tweet, he mentioned that he would provide further details about this matter in an address that is scheduled for later on the same day.