On March 10, 2023, Silicon Valley Bank (SVB) was closed by the California Department of Financial Protection and Innovation, representing the second-largest failure of a financial institution in US history. When SVB announced it would incur a $1.8 billion loss on the sale of $21.0 billion of assets, depositors rushed to withdraw their funds, causing SVB to shut down after concerns about its liquidity and solvency. The regulatory response has so far been quick, and experts believe that these decisive actions from regulators’ efforts will likely prevent further financial contagion. But markets remain on edge.