I'm not sure what your argument is exactly. They haven't transferred the depositors' balances to new banks, they've simply issued them IOUs (receivership certificates). From what is known about the balance sheet of SVB, it will probably be between 8 and 10 years before those IOUs are replaced with dollars. You can't pay employees, the FTB or the IRS in receivership certificates. To say that it will be "no big deal" and that there will be a "minimum amount of disruption" is simply an assertion based on no evidence.