— raised questions about the bank's role, as well as its oversight of and due diligence with its client.
That's not their only trouble. The bank's Silvergate Exchange Network was a primary way for those and other big crypto firms to move dollars between themselves 24/7, rather than according to the traditional banking industry's far more subscribed hours. For a while, Silvergate prospered. Its shares grew from $12 when it went public in November 2019 to nearly $220 at the height of the crypto bull market two years later. It was at about $50 before FTX collapsed in November 2022 and closed at $2.84 on Thursday.
The big regulatory pushback came on Jan. 3, when the Federal Reserve, OCC and Federal Deposit Insurance Corporation issued a joint statement on Crypto-Asset Risks to Banking Organizations. Then comes the meat of the document. While noting that the three agencies "are continuing to assess" how banks can work with crypto clients in a safe and compliant manner, it said:
For one thing, it's noteworthy that Silvergate's clients won't — it says — lose anything as it shuts down. That's because its assets weren't loaned out like many banks do with their depositors' funds, or invested in risky cryptocurrencies or derivative bets like many of the crypto lenders that went belly up.
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I recently registered at CoinmarketCap but will be deleted when I submit my comment and others don't see it why 🤔🤔🤔🤔🤔🤔🤔🤔
🐪🐪HZMCoin 🚀🚀🚀🚀💪
Someone at DigiFinex stole my Evmos. Just a bunch of thieves and corrupt scammers like SBF FTX - Do Kwon criminals.
Crakkkk
Bitcoin to $4000 anyone?
Fuck Banks 🏦 we don't need it the only sadness of the governments that they cannot dump the people anymore ! Poor Satoshi ! You forget that crypto is financial freedom we don't need any of this !
Huge huge mega mega blow omg 😱 panic