US Government Auctions Off Failed Banks SVB and SNBY, but Gotta Follow Crypto Restrictions

It looks like the US government isn’t afraid of Bitcoin – or perhaps the blockchain – anymore! They recently announced a surprise auction for the failed banks SVB and SNBY, but with a caveat: no crypto.

Details of the Auctions

The specifics of the auction are as follows:

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  • Open to entities worldwide.
  • Auction will take place at an undisclosed location, prior to the end of this month.
  • Winning bidder will receive respective bank assets.
  • However, no Bitcoin or any other cryptocurrency-related assets are available.

The Government’s Motive

It seems that the US government is looking to take an interesting stance on cryptocurrency, but without de-incentivizing the budding industry altogether. By auctioning off the banks without access to crypto assets, the government is sending out a simple message: cryptocurrency has potential, but the regulators – the US government – are here to ensure responsible and safe practice.

The Public Response

Overall, the response from the public has been positive so far. Passionate crypto supporters see the government’s actions as an acknowledgement of blockchain’s potential. Meanwhile, more traditional investor types are content with the government’s attempt to introduce an element of oversight.


For all you curious investors out there, the US government has got a surprise auction for you – but you’re gonna gotta leave your favourite crypto assets at home! Keep an eye out for more updates on the auction in the near future.

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