Circle, BlockFi and other firms that were SVB banking partners are being questioned by Elizabeth Warren and AOC as the lawmakers try to understand the events leading to SVB’s collapse.
and Representative Alexandria Ocasio-Cortez were sent to Circle, BlockFi and 12 other non-crypto tech firms asking a series of questions on each firm's relationship with SVB.
Jeremy Allaire and Zac Prince, the respective chief executives of Circle and BlockFi, were questioned on the length of their financial relationships with SVB, amounts deposited with the bank along with what “agreements” were made between their firms. “Congress, bank regulators, and the public are owed an explanation for the bank’s hyper-reliance on tech industry firms and investors," Warren and AOC wrote.They added the extent of SVB's depositors in the tech industry resulted"in an abnormally high percentage of deposits" not insured by the Federal Deposit Insurance Corporation and questioned the executives on"the role that companies like yours might have played in precipitating the $42 billion single-day-run on SVB.
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