Arthur Hayes, the co-founder of BitMEX, said that "the FDIC and the Federal Reserve plan to set up a fund to provide deposit support for banks" said that financial institutions are getting closer and closer to restarting the money printing machine. They first tried this in 2008. "I guess this time it may follow in a similar manner". Foresight News previously reported that the FDIC and the Federal Reserve are considering creating a fund that would allow regulators to provide more deposit support for struggling banks after the collapse of Silicon Valley Bank, Bloomberg reported citing people familiar with the matter.