On September 23rd, in a new bankruptcy filing, the executive responsible for closing the parent company of crypto-friendly bank Silvergate Bank said that despite the shrinking cryptocurrency industry and rising interest rates, the bank has stabilized, is able to meet regulatory capital requirements, and has the ability to continue to hold deposits for those Client Servers.
However, in 2023, "sudden regulatory changes" by agencies such as the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) made it clear that at least until Quarter 1 of 2023, these agencies would no longer tolerate banks with large numbers of digital asset customers, ultimately preventing Silvergate Bank from continuing its digital asset-focused business model.
Silvergate executive: 'sudden shift in regulation' leads to bank closures
2024-09-22 18:19:20
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