Former Silvergate executive blames regulatory crackdown for bank closures
2024-12-08 00:29:06
Chris Lane, former CTO of Silvergate Bank in the United States, recently posted on social platform X, saying that regulators made Silvergate's crypto-asset business model unsustainable by restricting dollar deposits in the spring of 2023, which eventually led to the bank's closure. He attributed this to the so-called "Choke Point 2.0" operation. Silvergate Bank was voluntarily liquidated in March 2023, and official statements said that this move was the best option to deal with changes in regulatory environments. However, several executives and industry insiders believe that the sudden shift in regulation is the main reason. Lane stressed that although Silvergate had provided services to crypto platforms such as FTX, it remained solvent and liquid before bankruptcy.
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