Techmeme
March 12, 2023, 7:15 PM

Top News

U.S. Department of the Treasury:
The US Treasury, Federal Reserve, and the FDIC: all Silicon Valley Bank depositors will be “fully” protected, and their money will be available on March 13  —  WASHINGTON, DC — The following statement was released by Secretary of the Treasury Janet L. Yellen …
Bloomberg:
SVB draws support from 500+ VCs, including General Catalyst and Sequoia, while 5,000+ founders and CEOs sign a Y Combinator petition asking US Congress to act  —  More than 100 venture capital and investing firms have signed a statement supporting Silicon Valley Bank, part of mounting industry calls …
Semafor:
Sources: some hedge funds are offering to buy startups' SVB deposits for 60 to 80 cents on the dollar; filing: ~96% of deposits were uninsured as of December 31  —  Hedge funds are offering to buy startups' deposits stranded at Silicon Valley Bank for as little as 60 cents on the dollar …
Rob Wile / NBC News:
Etsy warns sellers that SVB's collapse is causing payment processing delays and hopes to pay them via its other partners “within the next several business days”  —  Etsy is warning sellers that the collapse of Silicon Valley Bank on Friday is causing delays in processing payments …
Bloomberg:
Financial Times:
Financial Times:
Sources: Tim Cook has pressed ahead with an MR headset debut in 2023, overruling Apple designers who wanted to wait until the tech catches up with their vision  —  New launch will be first steered entirely by CEO and under direction of operations team  —  When Tim Cook unveils Apple's new …
CNBC:
New York shuts down Signature Bank as US regulators cite a “systemic risk exception” like for SVB, announcing all of Signature's depositors will be “made whole”  —  U.S. regulators said Sunday it shut down New York-based Signature Bank, a second financial institution …
Frank Chaparro / The Block:
Circle says $3.3B of its ~$40B USDC reserves remain at Silicon Valley Bank and that the crypto payments firm will follow state and federal regulators' guidance  —  - After being largely silent on Friday, Circle said it has $3.3 billion in exposure to Silicon Valley Bank …
Bloomberg:
New York Times:
John Sakellariadis / Politico:
Worried that cloud giants offer concentrated hacking targets, the US plans to regulate the security practices of Amazon, Microsoft, Google, Oracle, and others  —  Governments and businesses have spent two decades rushing to the cloud — trusting some of their most sensitive data to tech giants …
Marie Woolf / Globe and Mail:
Meta plans to block Canadians' ability to view or share written and broadcast news on Facebook and Instagram if the country passes its proposed Online News Act  —  Tech giant Meta has decided to block Canadians' ability to view or share news content on Facebook and Instagram …

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