New York-based Signature Bank, a key bank to the cryptocurrency industry, was shut down by regulators on Sunday, according to a joint statement from U.S. regulators. The statement also detailed actions aimed at stemming broader fallout from the failure of Silicon Valley Bank.
State of play: All depositors at Signature, the third bank to shutter in a matter of days, will be made whole under the same systemic risk exception that allowed that outcome for Silicon Valley Bank customers.
All the pieces are in place for the Oscars to make a comeback on Sunday. But if a slate of popular movies and the spark from last year's controversial show can't rescue its ratings, then this may be its last gasp of relevance instead.
Why it matters: Major awards shows like the Oscars and Emmys have long been big business for broadcast TV networks — but their importance has been dwindling alongside their viewership.
Why it matters: SVB served a range of roles across the industry; it not only took startups' cash but also offered them venture debt and other loans while providing banking and lending money to venture capital firms. Its collapse is the largest bank failure since Washington Mutual in 2008.
The big picture: This weekend is key to determining if the situation escalates from an inconvenience to a crisis for SVB clients, most of which are businesses that need to meet payroll.
